After creating a series HHs and HLs the price action seems to flip be creating a new LH.
Though the last HL is still intact but looking at strong bearish impulse one can expect that the instrument is in the retracement phase.
By using Fibo Retracement tool, one can identify two strong support zones;
1 - @ 38.2% FR
2- @ 61.8% FR
And those will be our target zones with protection above the last LH.
Though the last HL is still intact but looking at strong bearish impulse one can expect that the instrument is in the retracement phase.
By using Fibo Retracement tool, one can identify two strong support zones;
1 - @ 38.2% FR
2- @ 61.8% FR
And those will be our target zones with protection above the last LH.
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.
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.