4 Hour Time Frame:
Confluences
Head and Shoulders Formation
Right Shoulder respected the 38.20% Fib level.
Price action broke the inner trend line.
Down trend Channel.
Currently looking for price action to break and retest the outer trend line. Will be looking for a short entry upon the continuation of trend line.
The Conclusion
Will Price action break or bounce from the 200 EMA then head lower to daily sup 92.50?
Confluences
Head and Shoulders Formation
Right Shoulder respected the 38.20% Fib level.
Price action broke the inner trend line.
Down trend Channel.
Currently looking for price action to break and retest the outer trend line. Will be looking for a short entry upon the continuation of trend line.
The Conclusion
Will Price action break or bounce from the 200 EMA then head lower to daily sup 92.50?