A better understanding of the Reed story?
Decided to have a look at price using Fibonacci channels.
The 4hr time frame here shows a relatively clear picture of price moving in relation to the channels.
I feel that the Fib channels better depict areas of resistance than the green box I had drawn on previous charts (and are more useful).
This analysis would suggest a price of 0.042 will be the next major point of resistance to be tested. Following that price will hopefully move up to 0.048, before back-testing support at 0.044.
If these happen successfully, a pattern akin to that of the 'Elliot Wave' beginning on Feb 28th could form.
As always keep an eye on the volume.
Declaration - I'm definitely nothing more than an amateur with either Fib, and Elliot Waves! Please feel free to comment and educate if you see problems.
The 4hr time frame here shows a relatively clear picture of price moving in relation to the channels.
I feel that the Fib channels better depict areas of resistance than the green box I had drawn on previous charts (and are more useful).
This analysis would suggest a price of 0.042 will be the next major point of resistance to be tested. Following that price will hopefully move up to 0.048, before back-testing support at 0.044.
If these happen successfully, a pattern akin to that of the 'Elliot Wave' beginning on Feb 28th could form.
As always keep an eye on the volume.
Declaration - I'm definitely nothing more than an amateur with either Fib, and Elliot Waves! Please feel free to comment and educate if you see problems.
Penafian
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