Price has formed 2 clear cycles and is now coming back to the last fractal low area also after a recent 50-20EMA crossover. On lower timeframes price seems to be slowing down around the areas highlighted in the image.
Scenario 1: I would like to see the current price reverse and head towards the S3 pivot area, which is also a weekly historical level. Price then will push straight through and head towards the 1.168 fib extension area, which is my target 2 area.
Scenario 2: Price heads towards target one and, reverses, bounces off of the weekly level and S3 pivot level, then continues down to target 2.
Scenario 3: Price flies bullish and im completely wrong...
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Moved Stop Loss to 81.490 and was stopped out in profit, around 11%.
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I have placed another sell stop at 81.150, just past the new lower low formed on the 4HR chart.