We are testing the 50 SMA on the 1-hour as local support. Based on the recent head and shoulders, we are likely to see a deeper pullback creating a lower-low, possibly around the 1.618 fib extension shown on this chart.
After which I would expect a likely lower-high leading into a bottom formation in consolidation and then eventual bullish continuation of the larger weekly trend.
After which I would expect a likely lower-high leading into a bottom formation in consolidation and then eventual bullish continuation of the larger weekly trend.
Note
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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.