Trading on the higher timeframes we notice that this trade is no longer making lower lows. It has made a higher low therefore we drop down to a smaller timeframe for entry.
The retracement is also in the discount zone on the higher timeframe.
This analysis has been carried out using Fibonacci retracement. I will be setting an alert for a sell at 11,906. Please share if you have similar projections to myself.
You will notice that I have identified a mitigation candle, this shows that price has come back and retested that 'mitigation zone'. I believe this to be a long term buy for this instrument. Lets watch and see.
