REASONS:
1. DAILY TIME-FRAME INDICATES A DOWNTREND (LOWER HIGHS AND LOWER LOWS). PRICE BROKE THE RECENT SUPPORT AND RETESTED, TURNING SUPPORT TO RESISTANCE ON THE DAILY
2. H4 TIME-FRAME INDICATES A FALLING WEDGE WITH REJECTIONS OF THE PREVIOUS RESISTANCE BEEN SHOWN.
3. PRICE IS CURRENTLY CONSOLIDATING SO A BREAKOUT WILL INDICATE THE DIRECTION. WE WAIT ON IT.
The daily and weekly charts indicate a ranging market! Minor support held on the 4H chart. Currently looking at the 23.6 and 38.2 Fib levels for a short term buy and a fall down to the next low based off a H4 & H1 analysis. Meanwhile an Elliot wave seems to be in play which will be further confirmation of my bias.
Weekly chart indicates a continuation of a downtrend with the trend line although showing strong bullish pressure. The daily chart showed recent higher highs and lower lows but still respected the bearish trend line but hasn't broken any recent support created.
The yellow dot in the zone been watched which is also acting as a support and a bullish trend line on...
1. Uptrend
2. Trend line and minor resistance broken
3. Pullback or retest of previous resistance and turning support will be confirmation for entry
Meanwhile we wait on confirmation
1. Trend: Uptrend
2. Trend line break seen on H4 and H1
3. Strong bullish pressure on the daily
4. Retest of the trend line which is also a 61.8 fib level will be a confirmation
Meanwhile we wait on the confirmation.......
1. Trend: Downtrend
2. Bearish Trend line continuation
3. Created a lower high on H1 after it's recent uptrend
4. Rejection of the 61.8 fib level which was also a resistance
4. Break and retest of the support area and trend line would be confirmation for a massive fall
....... We therefore wait on it
Share your comments and ideas towards this!
Ideas to confirm my next approach
1. Trend: Downtrend
2. Bearish trendline seen. A breakout will be a signal for buys which will be indicated in the next H1 close but if it holds will signify trading with the trend
3. The lower timeframes such as M15 are indicating or showing rejection candles at the area of interest which is the trendline
4. Meanwhile we wait on...
Confluence
1. Uptrend
2. Currently in the 23.6 fib zone which is a reversal zone. So break of the 38.2 zone and retest will be confirmation
Drop your comments
Confluence
1. Break of bearish trendline
2. Retest of major support
3. Awaiting bullish confirmation at end of H1 close
Drop any comments if this goes against your analysis so we can work together
Uptrend in 4h chart
No previous lower low created in 1h
Major Support held in 1h
Next candle close on H1 will signify confirmation
Double bottom about to be created on H1 close
