Here I am using my speed lines as trendline and price direction. I've combined this with Fibonacci retracement level to measure the strength of the retracement. Trading with the trend is profitable however on this time frame the price is not near any of my levels of importance, it is placed on my short list and will re-analyse when price intersect lines.
Comment:
Price respected the 50% Fibonacci level and the down sloping speed line with a bearish reversal candlestick, result - price continued down. Read candlesticks around areas of importance.
Comment:
Price reached support at the Fibonacci 0%.
Comment:
after a small hesitation at the 0% line the price continued down to almost reach the down sloping speed lines. Speed lines act at trendlines with a slight twist. Lines/levels are areas and not exact levels.
Comment:
Will the bulls have the demand behind them to push the price to reach the higher down sloping resistance line? Extend the lines on your chart.