We enter a key support and resistance zone,we also find a inverted hammer at the end of a upwards trend signalling a sell. we get a confirmation as we see another bearish candle.
analasys done on H1
We enter a key support and resistance area. In this area we see a inverted hammer at the end of an upward trend signalling a downward trend. We also get confirmation as there is another bearish candle.
this analasys was done on H1.
Wave one was formed, then wave 2 retraced between 50-75% which gives a buy opportunity. The bottom red line is the stop loss which I placed right at 78% retracement and my take profit at the top red line at 161% of wave 1.i did my analasys on weekly, but would recommend going to lower timeframes to get perfect entry point.
