Plenty of good reasons for 036c to be current support. (a couple of bullish candles for starters perhaps already. )
Theres an inverted head and shoulder pattern to the left which completed at 049c (exact target for this pattern)
ie: head 023c, neckline 036c, add the difference of these two (013c) to the neckline (036c) = a target of 049c...done.
Now the retrace from 049c to 036c has hit 4 very important levels..firstly a 50% retrace of the total uptrend A-B.
..secondly a 62% retrace of the shorter uptrend C-D, ..thirdly the neckline of that pattern 036c (previous resistence becomes future support as we know) and particulary if it was a significant "chart pattern" type of resistence..as that was. ..fourthly from a wave perspective the bottom of this current wave being 036c, should not close on a WEEKLY basis below the top of wave 1...also being 036c....the short term TA here should be reliable given the long term chart trend..... some big calls here in the short term lets see!.
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Plenty of good reasons for 036c to be current support. (a couple...
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