This 4hr timeframe is showing price hitting this same level 4 times. A head & shoulder pattern can be spotted on the start of the retacement upward, but I think this pair has only formed a left shoulder on a larger timeframe. We can also spot a nice fib retracement slightly below the 786 from a recent A-B boundary.I expect a further drop in price to form a head before it continues trending up.
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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.