Having a healthy little breather here with a bit of profit...

Having a healthy little breather here with a bit of profit taking and letting the ema's and other lagging indicators a chance to catch up to the new price.

The current set up on the 15 minute chart below is showing us the price is at an important point where it will either breach the 62% fib and continue to a higher high (rough minimum target $2.02) or should it drop below $1.45, move lower to form a larger ABC correction with a bottom somewhere around $1.35, although a retest of the previous $1.30 high would likely occur. Looking at the price action, I currently believe the former is more likely and we will be seeing higher highs soon enough.

FND 15 minute chart


The weekly shows us a lovely long term basing pattern and the recent breakout. You can see once the 62% fib is breached with the 9ema (purple line) the price can be explosive. These wave 3 breakouts should reach a minimum of 1.618, though they often go much further, of the prior wave 1 (marked by the diagonal trend line on my chart) This gives us $1.98 which is very close to the target provided on the 15 minute chart above. It's always a good sign when multiple timeframes give the same or similar targets and I find this increases the likelihood of it happening.

FND Weekly chart