Bottom chart is for reference to show where the fibs are drawn from.
On SXP we can see that it is currently in a falling wedge. It is still in a downtrend on this section, making clearly lower highs and lower lows.
There is very clear support at the point marked in a purple box because:
-It is a horizontal zone of high volume, meaning there are likely to be a lot of buyers waiting there.
-It is a 0.618 on the fib of the last upward impulse move (fractal continuation fib)
-It is a 0.382 on the long term fib of the large upward move (continuation fib)
It is currently bouncing off a low volume zone, which is bullish if there is significant follow-through. I am not sure there will be. So I waiting for price to go a bit lower, on another capitulation, before entering. It is a safe entry in my opinion. If it gets filled, great. If not, look for more trades.
Remember to keep a level head and take profits when trades go your way!
On SXP we can see that it is currently in a falling wedge. It is still in a downtrend on this section, making clearly lower highs and lower lows.
There is very clear support at the point marked in a purple box because:
-It is a horizontal zone of high volume, meaning there are likely to be a lot of buyers waiting there.
-It is a 0.618 on the fib of the last upward impulse move (fractal continuation fib)
-It is a 0.382 on the long term fib of the large upward move (continuation fib)
It is currently bouncing off a low volume zone, which is bullish if there is significant follow-through. I am not sure there will be. So I waiting for price to go a bit lower, on another capitulation, before entering. It is a safe entry in my opinion. If it gets filled, great. If not, look for more trades.
Remember to keep a level head and take profits when trades go your way!
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.