Update from previous idea:
Worst case played out once again here, it just looks like we are making a move to recover the big wick at 3500 the liquidated everyone. even to recover half of the wick is good enough for price but breaking my yellow line does signal to me bearish price action mid term.
we broke the line and closed a candle outside so to confirm bearish structure we would need to see a bearish retest of the yellow line and we didn't see that which is good, we also seen a nice bounce from that point (which was very close to my 0.414 retrace) also recovering another portion of the wick, depending on liquidity this could be the bottom but we have made a lower low so at this point I don't expect it to be done until we have recovered the wick or we get a big volatile move up making a higher high, breaking back above my thick white line.
im just glad we have broke back above my thin white line on this move back up, that is one less resistance level to worry about. I've set up some lines of resistance short term, so lets see what price does it is going to be a huge ask to get back into bullish structure right now.
best case - get back above the 0.5 and test the thick white line
worst case - lose the thin white line and come down to test the 414/382 to catch the wick and hopefully not drop lower
Worst case played out once again here, it just looks like we are making a move to recover the big wick at 3500 the liquidated everyone. even to recover half of the wick is good enough for price but breaking my yellow line does signal to me bearish price action mid term.
we broke the line and closed a candle outside so to confirm bearish structure we would need to see a bearish retest of the yellow line and we didn't see that which is good, we also seen a nice bounce from that point (which was very close to my 0.414 retrace) also recovering another portion of the wick, depending on liquidity this could be the bottom but we have made a lower low so at this point I don't expect it to be done until we have recovered the wick or we get a big volatile move up making a higher high, breaking back above my thick white line.
im just glad we have broke back above my thin white line on this move back up, that is one less resistance level to worry about. I've set up some lines of resistance short term, so lets see what price does it is going to be a huge ask to get back into bullish structure right now.
best case - get back above the 0.5 and test the thick white line
worst case - lose the thin white line and come down to test the 414/382 to catch the wick and hopefully not drop lower
