A fibonacci cluster indicates potential reversal zones, on any chart, in any market. They are used to anticipate major support/resistance levels.
In this chart the cluster is made up by 4 different levels, consisting of: 61.8% retracement (dark red) 78.6% retracement (red) 127.2% extension (golden) 0.618 projection (black)
Bearish hidden divergence, in which price forms a lower high while the oscillator is showing higher highs, confirms the short bias.
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