Price is following a downtrend making lower lows & highs. Price has pulled back to the 50 fibonacci retracement, along with retesting previous higher timeframe support as resistance creating a lower high. A head on shoulders formation is being formed here, & a breakout of the neckline to the downside may provide good selling opportunities for price to make a new potential lower low next.
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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.