- Price made a bullish push from the previous low and reached the monthly resistance zone.
- Once price reached an area of resistance, it appears that price formed a double top (which is a reversal pattern)
- I expect price to begin selling and find support at the neckline or break and retest the neckline before continuing to fall and test the previous higher high.
-The testing of the previous high, also aligns with the 50.0 Fibonacci level.
-A test and respect of this level, will create a higher low.
- Once price reached an area of resistance, it appears that price formed a double top (which is a reversal pattern)
- I expect price to begin selling and find support at the neckline or break and retest the neckline before continuing to fall and test the previous higher high.
-The testing of the previous high, also aligns with the 50.0 Fibonacci level.
-A test and respect of this level, will create a higher low.
Note
Sell Entered - 1.4012Stop Loss - 1.04981
Take Profit - 1.01299
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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.