D1 - Bullish rally followed by a correction in the form of two waves to the downside.
Price reached the key support zone formed by the 38.2% - 50% fibonacci retracement zone, respected it and bounced higher.
Bullish divergence, most recent downtrend line breakout.
H1 - Bullish trend pattern.
Until the strong support zone holds I expect the price to continue higher further.
Comment
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The price action followed my analysis here and the bullish move that I was looking for happened as expected, delivering an excellent move to the upside!
This is a beautiful analysis thanks Vlad, Quick question though do you think the price might retrace to the strong support zone before moving higher or it could shoot up in one straight leg?
VladimirRibakov
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@Oyinehi, you are welcome. Both scenarios are a possibility as we don't know how the market will develop at this stage.
ProjectSyndicate
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great chart and very clear explanation and summary of the trade setup.
good luck with your trade!