The yellow lines on this chart show the zones where price action has been directly influenced by these areas of .Because the and Fib levels are still providing good signals, I would say it is safe to use them as we proceed into the weeks ahead.
At this point, price action has mostly remained above local support and has now reached the intersection of two support levels (8/1 line & 0.618 Fib line) marked on the chart by the green circle. We could see the price action go either way here. If these support zones hold, we could see a move up to the 0.5 fib line just above $600. Beyond that, if we break the 0.5 Fib line, we could see a move to the $630 area or the 0.382 Fib line which sits just below $650.
On the other hand, if support fails to hold, we could see a move down to the $515 area at the 0.764 Fib level.
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