Greetings all,
Been tweaking my method for predicting support & resistance levels with a variation of the Fib Sequence I'm calling a "Fib-Flip." Its been a method I have been putting to use for sometime now to make price calls. I saw the 13850 level a few weeks ago as a place to take profits. On the monthly, this price was obviously resistance as neither Dec '17 or Jan '18 could close above it. Thus, this is what I see as the true inflection point in this market. We have since corrected but have managed to close above the 10580 level I was looking for to confirm these prices. If we continue further down, I'm expecting these prices to act as support-levels. I am not saying we will continue down though. I think our odds of breaking through the flip-point are still good based on the support near 10580. There is the new down-trendline that has formed from the peak to the recent highs, but I don't see it as much force of resistance.
Thanks for reading. Be sure to share your thoughts & in the comments.
No_L
Been tweaking my method for predicting support & resistance levels with a variation of the Fib Sequence I'm calling a "Fib-Flip." Its been a method I have been putting to use for sometime now to make price calls. I saw the 13850 level a few weeks ago as a place to take profits. On the monthly, this price was obviously resistance as neither Dec '17 or Jan '18 could close above it. Thus, this is what I see as the true inflection point in this market. We have since corrected but have managed to close above the 10580 level I was looking for to confirm these prices. If we continue further down, I'm expecting these prices to act as support-levels. I am not saying we will continue down though. I think our odds of breaking through the flip-point are still good based on the support near 10580. There is the new down-trendline that has formed from the peak to the recent highs, but I don't see it as much force of resistance.
Thanks for reading. Be sure to share your thoughts & in the comments.
No_L