After a false breakout of the weekly ascending trendline
, price bounced off the 50% retracement
and continued upward to create new highs. Now we are seeing yet another pullback. I am looking for a retracement to the 61.8 level highlighted in blue, which will also be another retest of the ascending trendline
and a retest of the previously broken counter trendline
. If price has a strong reaction to this level, it is very possible to see a retest of the current highs and potentially create new highs.