As it can be inferred from the chart, the price is currently in the process of completing the correctional move of the strong impulsive move that took place last week. The price is currently forming a Head&Shoulders pattern at the area of a local resistance that lines up with 0.382 Fibonacci retracement level. We are expecting for the price to keep dropping all the way down after the formation of the right shoulder is completed.
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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.