If i look at the big rise from 2017/2018 and our current swing i see certain similarities.
1. We created a top.
2. Downtrend and retest of the 50% of the swing.
3. Uptrend from the 50% and creating a swing high that takes out a big upper resistance
4. Again going towards 50% but this time no big demand showing up.
5. Fall under the 50% - this is where we are now in the current swing
If we continue like in the first swing we should see price falling towards the 23.60% level which interestingly is in confluence with the big resistance level (orange line) that created the 2017/2018 top.
1. We created a top.
2. Downtrend and retest of the 50% of the swing.
3. Uptrend from the 50% and creating a swing high that takes out a big upper resistance
4. Again going towards 50% but this time no big demand showing up.
5. Fall under the 50% - this is where we are now in the current swing
If we continue like in the first swing we should see price falling towards the 23.60% level which interestingly is in confluence with the big resistance level (orange line) that created the 2017/2018 top.
Daily chart of the swing 2017/2018