Capitaland Ascendas REIT
Price had previously fallen near Fib 1.618 (2.4x) but the candle was a long wick
This leads me to think that the dip was triggered by external sentiments and not meant to cycle there yet
Though it does show us there is some support near that level, and that eventually the Fib Elliot cycle was likely to fall near Fib 1.618 (2.4x)
Which leads to the possibility that we might see a future double bottom where a candle may close near Fib 1.618 (2.4x) with shorter wick, which would better signify the close of the 3 wave correction
Though short-mid term we may see upside with resistance likely cap near 3.0x
But eventual Fib Elliot forecast has probability back near 2.4x with lower support 2.2x
Will likely look for entry if market falls near 2.2x-2.4x for better margin of risk reward.
This is done on a month chart so the time frame for the cycle to play out could be relatively long, in years.
As always, gentle reminder to dyodd.
