Pivot point 0.9140 has been acting as an important price rejection point/area since 1994, sometimes as a support and in some other moments as a resistance. The Fibo projection from the start of the first triangle (orange lines) to the lowest point in the new triangle (blue lines) (Wave A-B) creates a confluence point with this Pivot Point (indicated as "M" blue horizontal line). An additional confluence point is created on the main wave’s (C-D) Fibo -27% and new wave’s (A-B) Fibo expansion point 61.8%. I’d be waiting for confirmations but expecting price to break out the triangle trending down towards somewhere between 0.9165 and 0.9140. Note that there is already internal divergence rsi H4 which might indicate downtrend continuation.
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.
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.