Hello Traders,
On the 4 hour time frame we can see a very nice wick rejection of the 50% and the 61.8% fib level. This gives nice confirmation that we may see a further downward push.
On the 1 hour time frame we can see a head and shoulders pattern. We broke the neckline/support to this pattern last week and have come back up to retest the area (red zone) and have rejected from it nicely.
On the 1 hour time frame we can also see a break of the ascending trend line, we have also come up to retest the breakout area.
Thanks all,
On the 4 hour time frame we can see a very nice wick rejection of the 50% and the 61.8% fib level. This gives nice confirmation that we may see a further downward push.
On the 1 hour time frame we can see a head and shoulders pattern. We broke the neckline/support to this pattern last week and have come back up to retest the area (red zone) and have rejected from it nicely.
On the 1 hour time frame we can also see a break of the ascending trend line, we have also come up to retest the breakout area.
Thanks all,