In this analysis I started from weekly time frame identifying the directional bias. I then marked my previous weekly highs and previous weekly low. After identifying that I then looked at the structure to see if we are in an impulsive wave or a correction wave. I then concluded that I am in a correction phase. But I can see that the high took the previous one and retraced back into the structure giving us a clear push down and now I am in a correction phase expecting the graph to do what it did previously since it has taken the high I don't expect it to be continuing further. I then went to the daily time frame to refine my trendlines and to see the structure clearly. After that I went to the 4 hour to confirm the structure but now I am neutral as I expect the price to turn over on the third touch or go further to give me a double top within a weekly double top. As for now I want to see where the price react at then I will take decision thereby preventing unnecessary loss.
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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.