AUDCHF - Story
1. We have broken down a range with volume and found support on a previous support which also happens to be a Fib
2. We are going up with High Volume but not the respective pip move
3. Fib ahead
4. Another Fib a bit higher from 3.
5. Very High Speed Index ont the forming wave of 41.7
Possible Scenarios if we reach a fib with a High Speed Index:
a. Hit Fib 3. and retrace back to Support
b. Hit Fib4. and retrace back to Support
c. Hit any of the Fibs and then go down Break Support
If it breaks support then we are sure that all this up volume had a lot of sellers and we are going down.
If it hits support and retraces backs towards the Fibs we need to re examine the waves because this point 2. volume could be a push up.
Most possible scenario is that we break support -short - looking at the waves when ranging at the top most of the High Speed Index numbers are on the up waves.
to be continued...
This is what happened : We did hit the 3.Fib as and broke support as forecasted but then we hit another support level where buyers show up.