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<blockquote data-quote="HerefordSire" data-source="post: 601158" data-attributes="member: 4437"><p><em>In your first chart, the upward slanted line becomes resistance since it was previosuly support and was broken by selling pressure. The chart is a monthly chart so one candle is one month. As a side note, there were not too many times where three months of down candles were registered in a row. I am looking for price to trade to upper resistance, where the upward slanted line is, and sellers should send it downwards further. Could take many years to reach 75. One way to project price reversals is to take the high of 120, subtract the low of 70 which is 50, then take 62.128% (Fibonacci number) of the difference, or around 31 and deduct from the high of 120 which is 89. As you can see, 89 was just landed on and represents an excellent reversal entry point for the short to mid term play up to the upward slanting line resistance area.</em></p></blockquote><p></p>
[QUOTE="HerefordSire, post: 601158, member: 4437"] [i]In your first chart, the upward slanted line becomes resistance since it was previosuly support and was broken by selling pressure. The chart is a monthly chart so one candle is one month. As a side note, there were not too many times where three months of down candles were registered in a row. I am looking for price to trade to upper resistance, where the upward slanted line is, and sellers should send it downwards further. Could take many years to reach 75. One way to project price reversals is to take the high of 120, subtract the low of 70 which is 50, then take 62.128% (Fibonacci number) of the difference, or around 31 and deduct from the high of 120 which is 89. As you can see, 89 was just landed on and represents an excellent reversal entry point for the short to mid term play up to the upward slanting line resistance area.[/i] [/QUOTE]
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