Bounce was correlated with 0.618 fib level from march
We are forming a descending triangle indicated in purple.
A short looks highly likely on a lower time frame with support at same level as bounce around ~0.10240.
Expect lower and lower volatility now as indicated by volume going down and tightening of support and resistance.
The bounce can be a good long position but do set a SL.
This should be set in case rising wedge breaks and that would confirm a bearish scenario for the descending triangle in which case short scalp to support at next golden fib of ~0.09440.
This last bearish scenario has a low probability of happening in my opinion but not excluded. I believe that we still a have a 5th wave up.
Macro fib levels.
This is a continuation of the orignal 4H bearish div but I felt like that position should be closed and I'm currently looking for a new position for the coming week.
Trade active
HF & GL!Note
Bear div 1H
5 wave count
3 wave count retrace to 0.618 0.5 levels
Also a wedge in play
Trade closed: target reached
Retrace now.
Support 1 ~0.10740 between fib levels 0.618 0.5 , volume profile confirms
Support 2 ~0.10230-0.10061 A and C points
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.