So here we go. We are in a w-x-y correction that is showing no divergence at all so we can expect another down move complete the -x-z waves once we have an up move and crossover on the AO.
We have only retraced a little past the .38 fib and I would prefer to see a deeper retracement to the .5 and beyond.
There are two areas of resistance where price may reverse. I prefer the one on a fib close to the . So it depends on the steepness.
Of course the AO is not 100% so price could hit the 1 hour purple and break through. If it does look for a correction and an up move to at least the 1.585 area.
Remember always look left to see, there is nothing to the right yet.
Educate yourself, create a trade plan, validate your ideas with other trader’s ideas. Own your trades good or bad.
Happy pip hunting
4x has shown some volatility lately and remember the lower the time frame the more news events can dramatically change short term movements.