H4 - The price which is moving higher has created a triple wave to the upside.
While measuring this triple wave using the fibonacci expansion tool, the 61.8% fibonacci expansion level of the first wave at 41.04, the 61.8% fibonacci expansion level at 37.17, and the 100% fibonacci expansion level at 41.25 of the second wave coincide on the same zone with the daily and weekly pivot points. Which makes this area a key resistance zone for us.
Price has currently reached this key resistance zone. Bearish divergence.
Until this key resistance zone holds I would expect to see corrections here.
While measuring this triple wave using the fibonacci expansion tool, the 61.8% fibonacci expansion level of the first wave at 41.04, the 61.8% fibonacci expansion level at 37.17, and the 100% fibonacci expansion level at 41.25 of the second wave coincide on the same zone with the daily and weekly pivot points. Which makes this area a key resistance zone for us.
Price has currently reached this key resistance zone. Bearish divergence.
Until this key resistance zone holds I would expect to see corrections here.