Technical Analysis
4 hours Timeframe
1. Expanding Diagonal
2. Fibb Retracement to 0.618 (Golden Zone)
3. Uptrend ended and creating Lower Lows and Lower Highs while bouncing off EMA 60
4. EMA 60 crossed over DOWNWARDS of the EMA 200 which provides more assurance of a downtrend
5. Head & Shoulders Breakout and retraced (Looking to complete the H&S breakout pattern - Take profit 80% Head Size of the initial Head & Shoulders Pattern)
6. After completion of Head & Shoulders Take Profit. (Market will be at KEY LEVEL for a BUY opportunity)
** Note that there is also a pole from the initial impulse down and a pullback can expect a pole to form downwards 80% of the initial pole
4 hours Timeframe
1. Expanding Diagonal
2. Fibb Retracement to 0.618 (Golden Zone)
3. Uptrend ended and creating Lower Lows and Lower Highs while bouncing off EMA 60
4. EMA 60 crossed over DOWNWARDS of the EMA 200 which provides more assurance of a downtrend
5. Head & Shoulders Breakout and retraced (Looking to complete the H&S breakout pattern - Take profit 80% Head Size of the initial Head & Shoulders Pattern)
6. After completion of Head & Shoulders Take Profit. (Market will be at KEY LEVEL for a BUY opportunity)
** Note that there is also a pole from the initial impulse down and a pullback can expect a pole to form downwards 80% of the initial pole
