Break and bounce of C.T.L to the upside or breakout retest continuation to the downside. This situation is a IF then scenario.
Currently P.A is forming a inside bar breakout on the 4HR. The break and retest and continuation is bound to happen before heading to the daily resistance (Take Profit Target).
Uptrend causes P.A to print H.H and H.L the ema supported P.A as a support completing the the h.l before printing the H.H.
Re-evaluated my analysis longs are in play only if P.A manages to bounce off the trend line (Channel) and take out the previous high, then and only then long positions are valid. If P.A does break and retest trend shorts are valid when P.a takes out the last low (entering on the continuation.)
Confluences The ABCD formation of is coming into reality as price as failed to break to the upside from the 61.8%, 50.00% and 38.20% from the C and as the C.T.L breaks we wait for the D1 D2 to be met, as the 200 EMA to be met wit the D2.
Break out retest and the new low continuation is going to be taken out.