Monthly: Price is rejecting the weekly highs and the descending trendline.
Weekly: It is forming a bearish W and price is already rejecting the 61.8% of the daily fib.
Daily: Price could be forming a H&S pattern to confirm more downside momentum. The 61.8% of the daily fib is also aligning with the possible right shoulder.
4H: We should wait for deceleration on the zone of interest or a change in structure from bullish to bearish after price reaches the zone of interest.
Comment
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Monthly: Weekly: Daily: 4H:
Trade active
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There was a good opportunity for a buy position but the sell is not there yet because it is too impulsive to the upside so we have to wait.