Price has bounced strongly off a 38 Fib level with strong confluence forming consecutives HH & HL. Price seems to be exhausted and is currently in a corrective Phase. According to the 38 Bounce rules, price is likely to bounce on the 62 for a potential Second Entry. Thus, I will be looking for price to retest the 62 for a second Bounce before the price continues its momentum to the upside aiming towards the EMA 200.
Bias = Bullish
Structure = Shift of Momentum, Corrective
Setup = Yes, 15M Fib Layout Break
Confluence = Break of Descending Channel, Bullish TideShift on the 1H - EMA Cross to upside, Indication of further Bullish Strength. Institutional Level 1.215 Level - 15M SMA 50, 15M EMA 200.
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Bias = Bullish
Structure = Shift of Momentum, Corrective
Setup = Yes, 15M Fib Layout Break
Confluence = Break of Descending Channel, Bullish TideShift on the 1H - EMA Cross to upside, Indication of further Bullish Strength. Institutional Level 1.215 Level - 15M SMA 50, 15M EMA 200.
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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.