See the chart forum for details and a chart showing possible initial resistance above current prices. Sometimes price can find a couple of these resistance levels e.g falter initially at 38.2%; and pull back before a finally rally to the 50% or 61.8% retracement levels. Naturally it's also possible that price will simply move through some or all these resistance levels. That's why some traders wait for price to actually make a short term trend peak at possible resistance before assuming it might have any significance.


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