H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern previously mentioned. Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB. KS under attack ! Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226 ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area. Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838 A failure on very short term horizon to recover above the latter level would also confirm further downside in the cards
Have fun :-) Best Ironman8848
Comment
so far so good...38.2% Fib ret @ 36226 filled
Comment
H1 :Likely to see further downside towards clouds support area
watch price action on shorter (M15 and M15) for additionnal signals of pontential recovery :-)
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