H4 - Price is bouncing lower from a key resistance zone formed by the 100% Fibonacci expansion level of the first wave and the 61.8% Fibonacci expansion level of the second wave.
Bearish divergence.
Price still has room lower towards the key support zone formed by the 38.2% - 50% Fibonacci retracement levels of the bullish trend pattern.
H1 - Bearish trend pattern.
Until the strong resistance zone holds my short term view remains bearish here.
Bearish divergence.
Price still has room lower towards the key support zone formed by the 38.2% - 50% Fibonacci retracement levels of the bullish trend pattern.
H1 - Bearish trend pattern.
Until the strong resistance zone holds my short term view remains bearish here.
Note
The short-term bearish move happened exactly as I expected it to!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.