by David

price move rapidly few days ago, it close above three major resistance with the down sloping resistance, price show a retracement after the bearish divergence. the first impulse wave saw a retracement to 0.3 fib ration before another move, the 0.3 fib ration of this current impulse move is 42350 and 0.5 fib at 40800. price bounce at this retracement will print a new impulse move, but price should not close below the last resistance back so as to avoid a fake out.