So I have updated this shape cause the last one I felt was over. Here, some angles are marked because I think it is important.
Is this a Straight Line shape. Maybe.
Straight Line will usually drop to the 180 angle then bounce back to the 90 then continue its way down to the 270. it is like an ABC wave down. Keep in mind that the drop was to the next angle "225" which might invalidate the idea.
Why i felt angle 90 is important because I have drawn a blue line (barely noticeable) which is a confluence of Crossed line Level on 4H TF which was shared before.
If it continues its way down to the 270 (whole wave), this will make it a Circle shape with different bounce back angles. Only time will tell and for now we will sit and watch price action.
Is this a Straight Line shape. Maybe.
Straight Line will usually drop to the 180 angle then bounce back to the 90 then continue its way down to the 270. it is like an ABC wave down. Keep in mind that the drop was to the next angle "225" which might invalidate the idea.
Why i felt angle 90 is important because I have drawn a blue line (barely noticeable) which is a confluence of Crossed line Level on 4H TF which was shared before.
If it continues its way down to the 270 (whole wave), this will make it a Circle shape with different bounce back angles. Only time will tell and for now we will sit and watch price action.
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From another prospective - Previous higher high
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Many confluences found on higher time frames (D/4H). Could this be the next move?
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Well, this could go either way because of that fast movement just now
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Two possibilities, it needs to break that high 6.8kish for it to go green boxes which are confluences of Fib ext or breakdown and continue its way to 6.4k. Red arrow is more favorable because of the Hidden Bearish Div with Vol going down as well.
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So it broke out and reached first green box
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