Upon looking at Chart from Weekly down to daily, we can see that price has break and rejected the support zone. If a price close below the support level then goes up again, i call it a Fake Bear Breakout. Let see what will happen next, here is my prediction:
1) Red lines represent the Outer and Inner trendline while the blue line is a connecting line of a low to high. Both are very powerful tool if you could think out of the box.
2) Price rejected the 1st (1) STR/SBR level which also the level of 61.8 fibo and goes down 120+ pips before going up again. I am seeing that price is actually doing a retracement to continue the trend for monthly support zone.
3) The question now is, will it retrace at (1), (2) or will it obey the outer and inner trendline (Red line) ? Now, if u look closely at 1HR - 4HR, price is in consolidation, my guess is, price will most probably breaking upward to look for No (1) or (2).
4) I could not give an answer for which zone will the price go, but keep an eye on both zone.
* I dont know why but my heart keep saying it will go to zone (2) and rejecting the blue trendline. Good Luck!
Regards,
Ejaz Mian
1) Red lines represent the Outer and Inner trendline while the blue line is a connecting line of a low to high. Both are very powerful tool if you could think out of the box.
2) Price rejected the 1st (1) STR/SBR level which also the level of 61.8 fibo and goes down 120+ pips before going up again. I am seeing that price is actually doing a retracement to continue the trend for monthly support zone.
3) The question now is, will it retrace at (1), (2) or will it obey the outer and inner trendline (Red line) ? Now, if u look closely at 1HR - 4HR, price is in consolidation, my guess is, price will most probably breaking upward to look for No (1) or (2).
4) I could not give an answer for which zone will the price go, but keep an eye on both zone.
* I dont know why but my heart keep saying it will go to zone (2) and rejecting the blue trendline. Good Luck!
Regards,
Ejaz Mian