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Possible Higher Low?

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I've zoomed in to the daily chart here in order to show the detail of the Fibs. We've already seen how the downtrend channel provided support and today's price action suggests that a higher low formed today which is a positive sign.

In fact, when we look at the Fibs on this we can see that the 61.8% Fib came into play perfectly this morning and it strongly suggestive of a wave 2 low. A close at the day's high confirms the bullishness of this and a break of 384.7p would create a higher high to follow the higher low we may have had today.

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Guest Sunday, 18 November 2018