short is expected
intersection between the yellow, green and red lines.
Yellow line:
a very strong DAILY uptrend line (started from 19. Mar.20) which is broken and the price is actually bouncing on it after a pullback. so as the definition of a broken trend line, this line has the most important role here as a strong resistance.
Green line:
this is the 0.382 Fib retracement of the wave AB, which exactly intersects with the yellow line at a critical point.
Red line:
as it's shown on the chart, this is long-term support and resistance line which is acting as a resistance at this time.
the three possible targets are badged on the chart.
NOTICE: confirmation should be gotten from 4H TF in this analysis.
Goodluck...
Yellow line:
a very strong DAILY uptrend line (started from 19. Mar.20) which is broken and the price is actually bouncing on it after a pullback. so as the definition of a broken trend line, this line has the most important role here as a strong resistance.
Green line:
this is the 0.382 Fib retracement of the wave AB, which exactly intersects with the yellow line at a critical point.
Red line:
as it's shown on the chart, this is long-term support and resistance line which is acting as a resistance at this time.
the three possible targets are badged on the chart.
NOTICE: confirmation should be gotten from 4H TF in this analysis.
Goodluck...
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