Key zone coming up on the trendline. After an impulse drop and V-Recovery back to the trendline, price retraced to the 61% level and is now almost back at the trendline again.
Usually after a retracement and rejection like this, we will see price make its way back to the 0 line, in this case, that would result in price breaking the trendline. From this, we then could expect another test of the weekly resistance and go from there.
However, I can also see LTF resistance in place which could possibly hold price where its at, consolidating to the trendline then going for another downward move.
From here patience will be key. If we have a strong 4H close outside the TL, Ill expect price to retest weekly resistance.
Usually after a retracement and rejection like this, we will see price make its way back to the 0 line, in this case, that would result in price breaking the trendline. From this, we then could expect another test of the weekly resistance and go from there.
However, I can also see LTF resistance in place which could possibly hold price where its at, consolidating to the trendline then going for another downward move.
From here patience will be key. If we have a strong 4H close outside the TL, Ill expect price to retest weekly resistance.
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Related publications
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.