A down trend channel formed on a daily and price testing the lower bounds of the channel. With the AB leg in length with the final CD length in confluence with:
It's important to look at the PRZ for conformation. The final price leg was extreme there's a probability of price consolidation before price changes trend.
- Lower channel
1.27 fib extension
It's important to look at the PRZ for conformation. The final price leg was extreme there's a probability of price consolidation before price changes trend.
Comment:
The price expansion through the PRZ made the Bullish pattern invalid. however shorts are in order when the retest of the PRZ as resistance holds the price.