The price from the last near low (3215), had made significants movements to the upside, followed by impulses wave and retracements process, according to the fibonacci extensions, the price is right now in the extension 161.8 of the 1st wave an area where the price can start to perform the 4th wave. Its depend of the structure of this new forming wave if the price is going to make a deep retracement or just a flat one. If is deep im expecting the price to reach the level of 4350.
An idea that reforce the criteria of a possible retracement process, is the shooting star structure in the daily timeframe , a signal of weakness in the bullish run.
An idea that reforce the criteria of a possible retracement process, is the shooting star structure in the daily timeframe , a signal of weakness in the bullish run.
