1. THE GREEN LINES: descending channel in which the price is moving. the price is bouncing at the upper line of the channel.
2. THE YELLOW LINE: reliable horizontal support and resistance which is turned to resistance for the first time. to have a better view of the position of this line, it is better to set the chart on the linear.
3. THE WHITE LINE: this is the 50% fib retracement of the wave AB.
All three points above are intersected at one point and created our elliptic zone. it is time to keep eyes on this pair and look for confirmation from 4H timeframe to get into a short position.
remember that if the price could break the zone, wait for a pullback, retest the zone, and confirmation for the long position (dashed arrow).
2. THE YELLOW LINE: reliable horizontal support and resistance which is turned to resistance for the first time. to have a better view of the position of this line, it is better to set the chart on the linear.
3. THE WHITE LINE: this is the 50% fib retracement of the wave AB.
All three points above are intersected at one point and created our elliptic zone. it is time to keep eyes on this pair and look for confirmation from 4H timeframe to get into a short position.
remember that if the price could break the zone, wait for a pullback, retest the zone, and confirmation for the long position (dashed arrow).