Here we can see a series of lower lows & lower highs. Major resistance areas on higher time frames have not been broken in over a year. After a long bullish rally, we can finally see bears taking control on the daily time frame for the past 5 days. Taking it to the weekly time frame, we can clearly see a hanging man, but more importantly, it has bounced off a major weekly support around the 145.00 zone.
If lower TL is broken on daily time frame, I will wait for a retest on the lower TL on the 4H, and enter short. First TP will be 140.000 since it is a major monthly zone, lines with 38 fib extension, and also matches D extension if current LS & RS hold on 4H time frame around 143.300 area.
If lower TL is broken on daily time frame, I will wait for a retest on the lower TL on the 4H, and enter short. First TP will be 140.000 since it is a major monthly zone, lines with 38 fib extension, and also matches D extension if current LS & RS hold on 4H time frame around 143.300 area.