.618 @ 7800
Previous resistance now support @ 7500
Previous resistance now support @7200
The range defined as broad between 7800 and 7200 represents a spread of 8%. a break below this area would signal further downside. If the price does not reach our area then I will not participate in the trade because likely it will not meet my risk reward criteria. Our first target is a conservative scenario of 8300-8400 allowing the possibility for a lower high or to play out. Thus being conservative in a bear market the lower the price goes into our the more comfortable i am with the trade. Within the zone lok for an 4hr reversal candle such as a failed low, , or engulfment. An entry now would carry an abysmal risk reward ratio of .56
Remember the road to success is paved with high probability trades, repeated over time with proper risk management.
I will update if the price enters our zone. Until then best of luck traders