I haven't looked at Intercontinental Exchange (ICE) in quite some time, but I recently investigated its patterns and applied Fibonacci ratios to the pricing and timing of prior swings -- and I now see that this stock will be moving into a rather important zone in the coming sessions. This is all materializing as the stock continues its rally from a Fibonacci price-support area that it had tested early July (which, as it happens, had then provided for a countertrend buy setup).
This will be a kind of a make-or-break price decision. Should Intercontinental Exchange fail to clear the zone in question, and these time parameters, it will be left vulnerable to a resumption of its larger decline -- which has been in place since the January high. Alternatively, if it rallies beyond these key parameters, the move will suggest that the July 10 low was an important one in the long run. That, in turn, will predict much higher prices ahead.
In any given stock, multiple patterns will often appear on different time frames that suggest different outcomes. For example, a weekly-chart pattern might be bullish, even as the daily pattern is simultaneously bearish. But we can never know for sure if the larger weekly pattern will override the daily pattern, or vice versa. This is why I like to describe many of these setups as "taking it from one price decision to the next."
So, to reiterate, Intercontinental Exchange is at a crossroads, and the upcoming price cluster encompasses resistance and timing-based parameters that could potentially lead to a failure in the ongoing short-term rally. In particular, this current rally has thus brought the stock $14.34 higher -- nearly at the level of prior $16-to-$19 rallies, which have led to downside failures and new lows, as illustrated on the daily chart above. Given all this, we should be alert to a possible downside failure.
The key price-resistance levels, which include these 100% projections of the prior rallies, are $196.70 to $198.59 and $200.39 to $201.74. Both of these zones come in below a key prior swing high that was made on June 19, and unless this level is taken out, I still see this stock as remaining in its longer-term downtrend.
As for the timing-based resistance to the current rally: Odds are up for a rally failure between July 18 and July 22, given the Fibonacci cycles illustrated on the chart.
Bottom line: I don't know if the rally in Intercontinental Exchange will continue from the weekly support, or if the decline will resume somewhere under the June 19 low. What I do know is that, if the price does not clear the zones I've listed above, and if I see a sell trigger, I will have reason to exit any long positions and even consider the short side for a trade.
I also know that, if Intercontinental Exchange clears this key resistance and the June 19 high, I should start looking at pullbacks for buy entries -- because, in this case, I will expect to eventually see a much healthier rally from the July 10 low.
In short, let's see what the stock does around these key time and price decisions, and trade accordingly!
Please refer here for more information on trade triggers.
See here for general guidance on Fibonacci trade setups.