Main items we can see on the chart:
a) Currently, the price is inside a corrective Structure after a motive wave
b) The Corrective structure is above a key support zone (check the Daily Chart)
c) Based on that we created two possible outcomes for the price
d) SHORT SCENARIO: On the Support zone we can see a small correction (ABC pattern / Flag) (yellow lines). If the structure is broken we expect a continuation of the bearish movement towards the next support zone, or we can pay attention to the cloned white line
e) LONG SCENARIO: If the price is not able to break the support zone, we will be waiting for a bullish breakout of the corrective Structure, we will use the Fibo Extenssions as Targets
DAILY CHART:
a) Currently, the price is inside a corrective Structure after a motive wave
b) The Corrective structure is above a key support zone (check the Daily Chart)
c) Based on that we created two possible outcomes for the price
d) SHORT SCENARIO: On the Support zone we can see a small correction (ABC pattern / Flag) (yellow lines). If the structure is broken we expect a continuation of the bearish movement towards the next support zone, or we can pay attention to the cloned white line
e) LONG SCENARIO: If the price is not able to break the support zone, we will be waiting for a bullish breakout of the corrective Structure, we will use the Fibo Extenssions as Targets
DAILY CHART: