/biz/ - Business & Finance

>>23016839
5: Weeklies. Normally you would use different timeframes and/or structural elements, but it becomes an unreadable mess, so instead. I used two fibs (the 100% levels are conserved for reference, but all other lines that did not coincide were removed, and only one of the coinciding lines were kept). This is a bit zoomed out and not too easy to see but whatever.
Pull back toward the 50% level of 6.6 is expected here. Setting a buy limit at around 7.65 ought to do (this is based on previous resistance levels). Set SL around 5.61 (this is actually really wide and in practice you'd rather dig down to the dailies or better, the hourlies to set your stop loss, as the candles edge toward the target). Bouncing here means heading toward 15.87, for which a take profit at 14.32 would be good. It would be unlikely to run harder without a pullback, but if it does, it's straight to 24.16, where a tp of 22.8 or so being favorable.
Unfortunately, if we do NOT bounce off the ~6.6 level, it's straight down back to ~$2. Don't get caught with THOSE bags holy shit.
Not much more to say here. Moving on.