On the daily chart, the candle consolidates at the head and shoulders completion and end off with a long shadow candle, such candle formation shows a weakness in the continuation of a bull run. Hence, I'm waiting for a pullback into the Fibonacci retracement zone at 38.2%-50.0% for a shorting opportunity.
I'm waiting for a retracement back to 121.52 for a shorting opportunity, this setup gives an opportunity to stretch our target and provide a Reward:Risk (RRR) up to 4:1.
Waiting for a retracement back into the right shoulders and not to close above the right shoulders for this to be a valid trade. There are some combos play out the opportunity for this trade and let's see how this pans out.
A Fib has been drawn from the last major swing. Price is now testing at the 50 level. You will see price has a level of support from a minor trend line based off the previous two highs. Divergence is evident on the one hour RSI A Double bottom was loosely formed at the 50 level followed by breakout and retest. This is coupled with a trend line breakout and...