The chart has reached a major support area, despite the presence of large emotional bearish candles. While taking a position at the V-shaped pivot point carries some risk, the market may react emotionally given its previous decline like the 2020 correction.
This support area is comprised of:
- A significant pivot point from January 2022
- A PRZ (Potential Reversal Zone) between the 50-61.8 Fibonacci retracement levels
- The 100 Fibonacci extension level
- Support from a valid trend line
Trend changes can be unpredictable, and opinions may vary among traders and analysts. However, this presents a low-risk opportunity to consider new buying positions once clear signs of a trend reversal emerge.
It's essential to be patient and wait for the right moment to act.
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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.