Price reacted to the mid-term resistance zone outlined last week.
Given the structure of both the decline from May highs and the bounce since June, my base case is for a deeper corrective structure to develop in the coming months — targeting the macro support zone at 8.3–7 for a potential larger higher low formation.
There is an alternative scenario where price may still push to the 17–18 resistance as part of a leading diagonal, but as long as price is closing bellow key emas that is an alternative view for now.
Chart:
tradingview.com/x/XUA8GiV0/
Previously on resistance zone: tradingview.com/symbols/NASDAQ-PONY/minds/?mind=YXiB_gtFTaipqA554lEsfA
