lots of colours and lines here making it seem a bit confusing. Basically we have:
The way everything is adding up I could see this being the halt of the AU uptrend
- A broken uptrend
A retest of this uptrend
A break of support
A retest of support
Retest lines up with the 50% level on the FIB
The way everything is adding up I could see this being the halt of the AU uptrend
Note
I forgot to mention that we are also seeing a series of lower highs as seen with the red trend line. I'll be dropping down to the 15m timeframe to look for possible entrees at the 50% mark. If it fails to meet me expectations I'll more than likely be looking at the 78.6% region as the red trend line runs through nicely if you extend it.
will update on entry and closing shortly!
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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.