Vale has reached an area of very strong weekly (not shown) and daily resistance. Furthermore it has just broken and retested the upward trendline.
So consolidation and retrace can be expected.
Possible scenarios for rebuying:
ORANGE: Simply consolidation at the current levels before we continue up.
RED: Wee do a retrace to the 0.5 fib, which lines up nicely with a horizontal support.
GREEN: We do a retrace to the 0.618 fib, lining up with a very strong horizontal support.
So consolidation and retrace can be expected.
Possible scenarios for rebuying:
ORANGE: Simply consolidation at the current levels before we continue up.
RED: Wee do a retrace to the 0.5 fib, which lines up nicely with a horizontal support.
GREEN: We do a retrace to the 0.618 fib, lining up with a very strong horizontal support.