Hi All, for the long term traders here we see a potential Bullish Bat Pattern setting up - showing good signs if we get to these zones we will see some bounce of each level currently in O/S territory as you know in Day chart this O/S could last for a while. That being said it could stay O/S for 1 month which would bring us to our entry.
When we get to these zones from my analysis it will respect these levels along with Fibonacci confluence the first Red Zone is 127 Fib Ext - with Many Support Levels from previous structure zones. After this level we may see a bounce back to a 38.2% Retrace testing the previous structure if we bounce back from this and start heading down towards our D Completion I think it will be a great opportunity for long position.
At each of these zones you may also look for the signs for a trade and counter trade. You may want to go aggressive at the respected levels or simply use LTF to analyze the perfect opportunity. You may see a Double Bottom or another opportunity which presents itself at a high probable chance for the reversal. Happy Trading
When we get to these zones from my analysis it will respect these levels along with Fibonacci confluence the first Red Zone is 127 Fib Ext - with Many Support Levels from previous structure zones. After this level we may see a bounce back to a 38.2% Retrace testing the previous structure if we bounce back from this and start heading down towards our D Completion I think it will be a great opportunity for long position.
At each of these zones you may also look for the signs for a trade and counter trade. You may want to go aggressive at the respected levels or simply use LTF to analyze the perfect opportunity. You may see a Double Bottom or another opportunity which presents itself at a high probable chance for the reversal. Happy Trading
