There's our next chart coming up, the UBQ Chart on the 1D Timeframe.
As you can see, this one has retraced very hard from the big spike in June earlier this year. Placing the fibonacci on the top of leg B (with starting point on the beginning of this spike), we see that it's landed on the important 1.618 fib level of retracement. There are literally two ways it could go. From here on, I"d say to buy on the 1.618 level as it will probably bounce another time on this level (as this is a major fibonacci level) and I'll place my stoploss just below this level.
The two ways it could go:
- Retracement can be over and from here on we'll see some upward movement and possible breakout out of this pennant.
- As we came into this pennant from an higher point, it's pretty likely we'll drop down even more. As I sincerely like this project, I'm hoping that this won't be the case.
We'll be updating this chart in the coming weeks and improving it.
As you can see, this one has retraced very hard from the big spike in June earlier this year. Placing the fibonacci on the top of leg B (with starting point on the beginning of this spike), we see that it's landed on the important 1.618 fib level of retracement. There are literally two ways it could go. From here on, I"d say to buy on the 1.618 level as it will probably bounce another time on this level (as this is a major fibonacci level) and I'll place my stoploss just below this level.
The two ways it could go:
- Retracement can be over and from here on we'll see some upward movement and possible breakout out of this pennant.
- As we came into this pennant from an higher point, it's pretty likely we'll drop down even more. As I sincerely like this project, I'm hoping that this won't be the case.
We'll be updating this chart in the coming weeks and improving it.