I've placed a short from 4080-4110 to test if we have a ABC. I dont believe that the retracement we had was a proper ABC. So i think 3400 Area is very likely for our C.
RSI is showing us that we have a bearish divergence on the 4H. MACD is also curving down on the 4H. So this support the bearish outcome.
If it breaks above 4140. This theory would be invalidated.
RSI is showing us that we have a bearish divergence on the 4H. MACD is also curving down on the 4H. So this support the bearish outcome.
If it breaks above 4140. This theory would be invalidated.
Note
Adjusted fibs a little. So take profit should be at 3445. I recommend putting up a buy at 3445 too.
Stoploss at: 3420.
Take profit at 4100.
Trade closed: target reached
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.