Price bounced right at the 61,8 fib of swing Jan 24/July 1, thus also leaving behind the 161 extension target of ABCD at 0,8964 and the H & S target around 0,8940. Therefore, chances are that price will finish off these targets at least. The sharp sell off after neckline break hints of a longer term shift, and possibly a return to LT bear trend. Favourable levels to enter short is first 0,9130-45 which is Harmonious D-level and Weekly PP. Next level is not far above around 0,9180 which is the SMA 200, the 38,2 fib of larger swing and Monthly S2 confluence.
Comments
ShahrozLodhi
⋅
how you draw support and resistance lines
CapMoore
⋅
Normally a confluence of different levels comprice the S/R zone but Support and Resistance is normally horizontal, less of trendlines (more long term)