We are currently looking at a possible bull scenario for fiber. Although we have been in a longterm term bulltrend,we went down a lot last week. I am currently examining the possiblity of a continuation pattern, this seems likely as we bounced off the 79% retracement yesterday. I believe that we could go up to 1.23, right into a daily orderblock. With all the financial chaos, I believe that in the midst of it all euro could make a big push for that number. I shall make another chart detailing that very move, for now I made a chart describing all the obstacles needed for this bull trend to continue and what will happen when it does.
1. price bounced off of 79% OTE (confirmed)
2. price broke 1.12591 (confirmed)
- This level will have to be held after broken to keep uptrend.
3. price breaks 1.1310 and breaks marketstructure in the process (confirmed)
- This level will have to be broken as otherwise the market won't be confirmed
- This causes the market to shift to a structure
4. price breaks 1.366
- This will further confirm our uptrend
5. price breaks 1.1394
- This will be the break of our first .
- It will also break the previously broken marketstructure, this should be acting as resistance when encountered.
6. runup to second occurs, expecting some resistance around this so a pullback is probably to be expected
- am not saying that pullbacks won't happen on the way up
7. Price breaches 1.1713, thus making a newer high
- This will confirm our swing projection to the upside making an encounter with much higher levels possible.
- Will make an additonal chart to explain this statement.
Although the chance that this chart will succeed is low (so many different factors) the possiblity certainly is there.
I wouldn't be doing myself a favor, if I weren't examining all opportunities. So laugh all you want, at least I am busy doing something useful instead of mocking others.