Price structure analysis (1H). Price has broken through the resistance zone
like it was not there. That zone now becomes support. Price is now at the 78.6 fib retracement and slightly above the 127 inversion. It is also in a zone of previous congestion. At these levels I expect some profit taking and a retracement to wards the support zone
. I expect the buyers to step back in and take prices higher. Look for bear
traps at the lows to go higher. Note that the down trend line
has been broken. The reverse size of the trend line
should now act as support. I prefer to sell into bull
traps at the highs. Wait for price action
to confirm the reversal.