Price has closed below a Weekly Minor zone.
As we can see, previous strong Bearish momentum, creating a new Lower Low on the Daily chart.
Price seems to be creating a Bearish correction channel on Daily, which has been in a bit of a consolidation phase, showing a fake out on the 4H.
Currently in the Daily consolidation box, I see a Bullish flag pattern which may indicate one more push to the upside to form the Lower High, before we see a further push to the downside to complete a new Lower Low wave.
I am personally looking for Short Swings to 1780 zone as price closed below the Weekly minor zone as well as breaking the Weekly trendline, in addition to the 0.382 Fibonacci rejection. which I am keeping an eye on.
If this currently Weekly rejection holds, I might consider holding to a possible zone of $1750.
Let me know in the comments your thoughts.
Happy trading
As we can see, previous strong Bearish momentum, creating a new Lower Low on the Daily chart.
Price seems to be creating a Bearish correction channel on Daily, which has been in a bit of a consolidation phase, showing a fake out on the 4H.
Currently in the Daily consolidation box, I see a Bullish flag pattern which may indicate one more push to the upside to form the Lower High, before we see a further push to the downside to complete a new Lower Low wave.
I am personally looking for Short Swings to 1780 zone as price closed below the Weekly minor zone as well as breaking the Weekly trendline, in addition to the 0.382 Fibonacci rejection. which I am keeping an eye on.
If this currently Weekly rejection holds, I might consider holding to a possible zone of $1750.
Let me know in the comments your thoughts.
Happy trading
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TP 2 HIT !