Confluences
- Weekly head and shoulders pattern
- At the right shoulder on the daily timeframe we formed an evening star candle stick formation and ever since bearish momentum has been dominating
- 4hour chart we have broken an uptrend
- Using the elliot impulse wave we can map out a potential 12345 move to the downside, with price currently making the 4, looking to catch the 5
Confirmation
- We are looking for price to come to the end of the bullish correction that it is currently in
- Using our fib tool from swing high i can see price pulling back to the 61.8 golden zone before heading down. This also lines up nicely with the descending trendline we have in place
Targets
- If the risk/reward is there we may be able to target the start of the bullish correction around 75.4
- Weekly head and shoulders pattern
- At the right shoulder on the daily timeframe we formed an evening star candle stick formation and ever since bearish momentum has been dominating
- 4hour chart we have broken an uptrend
- Using the elliot impulse wave we can map out a potential 12345 move to the downside, with price currently making the 4, looking to catch the 5
Confirmation
- We are looking for price to come to the end of the bullish correction that it is currently in
- Using our fib tool from swing high i can see price pulling back to the 61.8 golden zone before heading down. This also lines up nicely with the descending trendline we have in place
Targets
- If the risk/reward is there we may be able to target the start of the bullish correction around 75.4