If (...and I repeat, if....) CEO does pullback a little following its cycles, what do the harmonic patterns show as a likely support zone?
But first, a note from a fellow trader in this forum to remind me ( and I guess for everyone else) that sharp knives are waiting in the backroom....the overall market sentiment isn't exactly the best at present, so trade well, trade safe. Also my charts are absolutely unreliable, both in the past and the future and have ZERO value in trading. They possess only entertainment value, so take them with the heaviest dose of skepticism and with a large pinch of salt...ok?
Fibonacci price levels sometimes do show support and where they form a cluster, the pattern they form is often denoted as the Potential Reversal Zone. Assuming that price is indeed forming a harmonic pattern, here is a chart that indicates a possible reversal zone. As can be seen, there is a cluster of price levels around 0.03 formed by various configurations of leg AB projected as fibonacci retracements, with the fibonacci price level at 0.0276 forming the currently lowest level of the possible reversal zone, and the highest level of the zone computed to be 0.0323
Watch the macd crossing as an indication of a rebound out of this possible reversal zone, esp. if you are looking for an entry or re-entry, imho.
May the best prices be yours. Did you find this chart or post to have sufficient "entertainment value?" Cheers!
dascore
CEO Price at posting:
3.2¢ Sentiment: ST Buy Disclosure: Not Held
