The pin bar was a reaction from the 78% Fib retracement and also an equal 1 to 1 AB=CD, but now let's see whether there will be a follow-up and price confirmation for long. This level is also a 61% retracement of the bigger swing up so a confluence point. For now, I don't see a definite entry signal unless I want to buy the level which I often do at the higher timeframes.
The risk to reward shown is what will be the target if you pick the 161% extension for a target.
The risk to reward shown is what will be the target if you pick the 161% extension for a target.
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Notice the outside up bar or what people call an Engulfing bar. The bounce is from yesterday's open - there is nothing esoteric in the bar itself, but its happening in a good area.
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Both the 30-minute and the 1-hour charts at the moment show a regular divergence.