1. THE RED LINE: reliable support and resistance line that after being broken turned to strong support.
2. THE PURPLE LINE: this is our uptrend line and if we extend it, more support can be found.
3. THE WHITE LINE: 61.8 fib retracement of the wave AB is aligned with 38.2 fib retracement of the wave XY.
4. DIVERGENCE: clear divergence is seen on the H4 timeframe.
PUT THEM TOGETHER: The elliptical zone contains enough evidence to convince us that the next move should be upwards.
GET THE CONFIRMATION FROM CANDLE STICK FORMATION.
2. THE PURPLE LINE: this is our uptrend line and if we extend it, more support can be found.
3. THE WHITE LINE: 61.8 fib retracement of the wave AB is aligned with 38.2 fib retracement of the wave XY.
4. DIVERGENCE: clear divergence is seen on the H4 timeframe.
PUT THEM TOGETHER: The elliptical zone contains enough evidence to convince us that the next move should be upwards.
GET THE CONFIRMATION FROM CANDLE STICK FORMATION.
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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.
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.