Hi,I've just been told that the embedded text in my last post is...

Hi,

I've just been told that the embedded text in my last post is difficult for some to read so I have reproduced it below, along with the chart again. I'll use a larger font next time!

Bones
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"The chart shows today's price action (8 March) as at 11:30 market time. Note that the price has continued to move upwards within the boundaries of the green pitchfork and the price at 11:30 is sitting on the junction of two lines, the green dotted line (internal 0.618 Fibonacci line of the green pitchfork) and the light blue line (3rd warning line of the blue pitchfork). Price has also reached the first Reaction Line (dotted orange line) which is the same distance from the B-C line as is the anchor point A. Point A represented a low in price and its opposite (its Reaction) would be a high at or around the area of the first Reaction Line. That indicates to me that there is a high probability that the high we see today may be the high point of this current leg up.

If this proves to be correct, then a retracement might well follow the angle of the reaction line down to a low somewhere along that line, before commencing a new leg up. Such a move would replicate the price movement between points B and C earlier. I would not expect price to break the lower green support tyne in any such move. I think that is highly unlikely and I would predict it retracing no further than the dotted green line (the internal 0.618 line) below the green median line.

We've had a stellar run lately, so don't be disappointed if the scenario above plays out. The price could do with a breather and a period of consolidation at this stage. It would be healthy. Anyway, that's my assessment, based on the information available today."