Price violated the previous trendline in which price is rebounding from in my earlier post. Now the price has reached a significant level, and we are observing some bearish price action at this confluence level which consists of 78.6 fib ratio, resistance zone and 3rd bounce of descending trendline. We only need a valid confirmation (breakout of Counter Trend Line) to take advantage of this setup.
Hope this is helpful, keep an eye on it.
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