Pattern turning out to be true, previous support turns resistance looks to be causing a short term downward trend. IF this turns out true, we have potential cup & handle formation, which would make sense for overall bearish mid-term trend, with a potential bounce upwards to 50% fibonacci level / 61.8% fibonacci level. IF pattern = true, great potential buy in and sell points marked by support lines and Sell the exits at Fibonacci ratios.
BIG RED arrows show potential bounce points for fibonacci levels if bearish trend were to continue. AKA sell points for short term up trend. Small green downward arrows point to previous fibonacci levels that were once support now turned resistance. We should see heavy resistance at these levels.
Upward little red arrow points to previous resistance, which should now show a solid support trend for current short term bullish trend to continue.
This idea has multiple variables that must present themselves to be true. But a pattern developing nonetheless. Feel free to agree/disagree, but more importantly why you see that.
BIG RED arrows show potential bounce points for fibonacci levels if bearish trend were to continue. AKA sell points for short term up trend. Small green downward arrows point to previous fibonacci levels that were once support now turned resistance. We should see heavy resistance at these levels.
Upward little red arrow points to previous resistance, which should now show a solid support trend for current short term bullish trend to continue.
This idea has multiple variables that must present themselves to be true. But a pattern developing nonetheless. Feel free to agree/disagree, but more importantly why you see that.
