Here we have an almost perfect Gartley pattern formed on the daily chart, Price has already respected this formation and bounced from the area of interest #1 acting as support. We are now quickly approaching the area of interest #2 which price has previously reacted from, so if we can see a break past this area our next target will be the area of interest #3 which is at key Fibonacci levels of the previous swing so we shall see how price responds to this important area.
Scenario #1 we have the possibility of price respecting the area of interest #2 before breaking past and testing the key Fibonacci levels.
Scenario #2 we have a pullback and retest of support potentially forming a double bottom and then gaining strong bullish momentum.
Scenario #1 we have the possibility of price respecting the area of interest #2 before breaking past and testing the key Fibonacci levels.
Scenario #2 we have a pullback and retest of support potentially forming a double bottom and then gaining strong bullish momentum.