ONE44 Analytics where the analysis is concise and to the point
Our long term target of 44000 was hit on 2/8/21 and as stated in our previous update on that same day,
With a solid close above 44000 it would become the short term swing point and the next long term target will be 65000. There are other major Gann squares to look for resistance before then, at 48430, 52940,57707 and 62470.
They have held above 44000 for the last 3 days and as long as they continue to do so, all the major Gann squares are still valid. Currently they are trading up against the 48430 major Gann square and with a close above it you can use it as a short term swing point and look for the next one. The long term target is 65000.
The key levels below have moved up with the new high. With a solid close back below 44000 look for 38200, this is 23.6% back to the 2018 low. The long term swing point is 31500, this is 38.2% back to the 2018 low. This is also the level based on the ONE44 Fibonacci rules and guidelines that must hold to keep the long term trend intact.
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.