On the Weekly time frame it is clear to see a clean down trend, continuously created Lower Highs (LH), currently the trend line has held itself strong as price got rejected from breaking. Switching to the Daily frame, there had been a perfect daily bar closer from the trend line and fallen, also with the 50% fib retracement aligning perfectly with the trend line. . I am expecting 2 things, either the price makes few touches on the trend line on the 4H time frame and then see price fall or see price fall on the next daily bar. The target set for this is around the monthly area which is indicated by the grey highlighter. what will invalidate this idea is if price breaches the trend line and breaks through the resistance area.
Comment:
price has slightly broke through the trendline, nothing too worrying, expecting a rejection at 61.8% fib retracement. If price does make maintain this bullish candle and maintains its rise momentum trough the retracement zone then this idea will no longer be valid. However, a new bullish idea may well be published as this might be the end of the down trend and start of a uptrend which can easy open a big opportunity for a huge swing trade.
Comment:
I have placed a trade, nice daily candle closer and price rejected where expected. current SL at 147.50.