1. I am seeing two major ranges, one upper and one lower and 5 minor zones; all based on weekly closing prices. Minor = breakout bar closing price; Major = weekly close following and higher than a minor. (Please just ask if you'd like this explained) 2. If a weekly price closes above an inflection, I anticipate the following week to retest the next level up and vice versa 3. Blue box Illustrates the level I believe we may see one or two swings/swaps between the .33 and .62 fib prior to breaking 45.9 4. Currently long trade is active and I am seeing 41.6 as current support. Other 3 support levels and targets listed on chart.
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Update for 8/8 Intra week Buy Level
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Update for 8/15 - Weekly Buy and Sell level
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TP1 reached; Please see last update for 8/15 week setup
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Target Price 2 reached: I would expect a small pullback soon; see my current intra- week setup.
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TP2 Reached
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As much as I expected a pullback by this time, TP2 was a strong weekly inflection that brought prices into the upper range. I now expect that TP3 will get hit short term and if the week closes higher than 45.92, TP4 will likely be next weeks target.
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TP3 Reached; this has been a crazy bull run; I did not expect it and leaned a lesson in trying to play both sides on the way up!