Simple design with projected potential support/resistance level which can be traded in both reversal setups of breakouts after consolidation if relevant price action, patterns, signals, setups, occur at them.
For example: if a correction occurs towards the red where the price signals a potential turnaround, and after a climb towards the green and a descent towards the yellow and a consolidation period, maybe the yellow pops on the downside triggering a slide towards the cyan. Any other combinations of scenarios can be considered as long as the market provides signs that these levels are relevant and not just random generated (or both).
For example: if a correction occurs towards the red where the price signals a potential turnaround, and after a climb towards the green and a descent towards the yellow and a consolidation period, maybe the yellow pops on the downside triggering a slide towards the cyan. Any other combinations of scenarios can be considered as long as the market provides signs that these levels are relevant and not just random generated (or both).
Comment:
Looks bearish
