50 - 61% 4H Bullish Correction of Swing High to Swing Low.

Here I have identified a Bullish Engulfing at SUPPORT AREA, considering the sell off that took place from 15th Nov through 19th Nov, a correction is expected towards 50 and 61% correction Level.

Comment:

Guys! from my observation on the chart, what price is doing is to stall temporarily for the weekly candle to close Bearish thereby creating a Bearish Engulfing, if this is actually what price is trying to achieve, if it eventually happens, we will see a buy on the 4H timeframe to hit the correction level target and eventually a sell off.

Trade closed: stop reached