Plain and simple, we are in a down trend on the 4HR time frame and just had a pull back to a significant horizontal resistance zone. This area lines up with the .618 fib from the last swing high and the 55 EMA, so lots of confluence in this area. As always my first target is the previous swing low, but always pay attention to price action and manage your risk!
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.