If the repetitive structures form then we could look for a buy opportunity within the support and resistance areas. If price breaks down further lower then we could look for sell opportunities.
We would predict that price would follow the channel and continue making higher lows as its doing it now.
Potential setup. If price breaks out from the consolidation we could see more upward movement.
I am looking for ideally the 78.6 fib level retracement which is in the area of the shaded blue.
If the right shoulder does form I would look for short opportunities.
Potential setup. another short entry could be entered should there be confirmation after the bullish structured move.
There is a Cypher pattern present with an equal measured move. Looking left we also see a potential supply zone . Using a inverted Fibonacci of the A to B move we also see a 1.618 confluence at the potential reversal zone.
There is a Cypher pattern present with an equal measured move. Looking left we also see a potential supply zone. Using a inverted Fibonacci of the A to B move we also see a 1.618 confluence at the potential reversal zone.
The red resistance line was rejected many times. If price gets up to that level again then we could see downward movements. Otherwise if price closes below the channel then there could be movement to the downward side.