Back in February, price broke through the strong support trend line
. Despite a continued bearish trend
, the final days of April
have pulled back in an aggressive manner. Price has pulled into an area with 3 confluences that could offer a reversal in price. First, and most importantly, price has retested the once supported trend line
. Second, we see a horizontal trend line
with multiple touches in the past. Finally, price rests at a 38.2% fibonacci retracement
of the impulse leg that broke support. Eyes will be on price action looking for a short position to present itself. Trade what you see.