Deep retrace & shallow retrace of price with another bulls’ weak attempts
ICBF hopes you enjoyed your week-end and correctly chased what the market has offered us for these 2 days. On late Friday there was a marvelous target execution @44300 as the result of Fibo’s corrections to 61.8% @46850 and 38.2% @46350 shown in the below chart as 2 rosy ovals. With loosing of an important 45700 level the bulls accumulated all the money they had at their disposal to take that level back by all means. However, such trying only led to one more price weakness and a trap which we show in that rising wedge on the chart. We expect that the core yellow trap oval on it will be more and more distant in the “blue sky” with time.