Nokia seeks level for bounce

Made for monitoring price action in 1H TF. Timefibs separate the stages of cycle into growth and decline.

• Looking for a level at which price action will stabilize after such decline.
  
• Blue trendline serves as a supposed support level anywhere price touches it.
  
• TimeFibs can play role of reversal timing estimation. (-0.236 is at 16th March)
  
• The current "set" can be useful for those who are interested to trade the pullback (dead cat bounce effect).
  

For now we can clearly state that price feels the support at 5th fib sequence on price scale because it goes flat near it like hyperbola function.
If it loses its grip, flat can go down to 3rd which is a strong support level. Moreover, when during these decline scenarios, price gets closer and closer to TimeFib -0.236. So these factors must be considered to be able to enter partially without missing the best undervalued price mark.
Longer-term perspective below:

Komentarz:

UO = mild oversold

RVSI = oversold

VMP = in trend

Zlecenie aktywne:

Price has touched the trendline!