1. THE RED LINE: a very reliable downtrend which recently been touched for the 3rd time by the chart
2. THE YELLOW LINE: this is strong support and resistance line that after being broken, turned into a very strong resistance.
3. THE PURPLE LINE: 0.618 fib retracement of the wave LL is aligned with this line
PUT THEM TOGETHER: we have an elliptic zone in which the three important lines formed an intersection, all acting as resistance.
CONFIRMATION: it is important to wait for the aqua line (uptrend H4 line) to be broken by the chart. a candlestick formation in the H4 timeframe is needed too.
this is just an ISEA and not financial advice.
good luck...
2. THE YELLOW LINE: this is strong support and resistance line that after being broken, turned into a very strong resistance.
3. THE PURPLE LINE: 0.618 fib retracement of the wave LL is aligned with this line
PUT THEM TOGETHER: we have an elliptic zone in which the three important lines formed an intersection, all acting as resistance.
CONFIRMATION: it is important to wait for the aqua line (uptrend H4 line) to be broken by the chart. a candlestick formation in the H4 timeframe is needed too.
this is just an ISEA and not financial advice.
good luck...
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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.
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.