The price is moving sideways between the parallel channel.
If the price breaks the level of 1420. It may go to the 1350 level that also is an old resistance level.
Another interpretation, in case the price breaks the channel from above could be that it may arrive to the 1560 level.
We utilize 3 Fib expansions in a XABCD pattern:
- First of all, we got a XABCD pattern with the D leg completed at the max levels of the last week. (0.7990)
This give us an indication that the market is about to go retest a new resistance level below the.
- Second, for the AB leg, we have the 1.272 Expansion being the actual consolidation level of the...