Based on the wicks on the 4 hour it seems to be making a higher low indicating a change intrend. I am already long from 460 so if you are not in it yet the safest way to play this is to wait for the break of 500 and go long when you see 500 acting as support. This has potential to be a very good swing trade =). not sure what the target will be but we will continue to monitor it for signs of weakness.
Note
this might not be the one and we might revisist the lows as the drop looks too hard and the divergence is very strongNote
Note
This might be another bottom here with as its resting on rsi support and horizontal support. But we will need to wait and see if this holds before it makes another attempt at resistance.
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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.