A few things I can adjust here.
If I move Green A and Green B to the “offset” high and low (red arrows), and move Blue a and Blue b to the points indicated by the orange arrows, and it looks like I can, then we do have a host of good fibs right at today’s high, to the tick. That may be promising.
I like that all this selling came in at the 250-day EMA. We may be in our first little impulse wave to the downside. The very top today does not count very well as one, so I can’t quite say yet where we are in that impulse wave (if we are in one), but things should become clearer over the next day. I remain short long duration with some longs of short duration (just in case we do pop up one more time). But, maybe this is finally it.
IF we have had our first impulse wave down, and are in a first “2” up, we ideally would like to remain at or below this orange box:
If we get back above that, then the risks of an “overthrow” increase, I would think.
A strong 250-day EMA rejection is a fairly ideal spot, so let’s see. But, the point is, I am able to find fibs here if we need them.
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