There seems to be this possible XABCD pattern that will be occurring when the market hits the resistance level. This is a possible reason on why it may reverse at this level, it is due to the fact that the when formation hit A at that level, prices started to go underbelly aggressively so I am hoping for a move similar to that previous downtrend.
Two profit targets have been marked for the viewer.
Two profit targets have been marked for the viewer.
Note
Could also be a inverted H&S formation about to occur as well....apologies for not pointing this out earlier folks.
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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.