Price has formed 2 clear cycles, rejecting both the 200SMA and the 0.786 fib retracement level. Price is currently in P1 to the downside and I will be looking for enteries on a intraday basis.
4H: Price is forming a head and shoulders so look for a break of the neck line, retest and push to the downside. This is where i will be looking for my entry.
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Update: Price has pushed up to the fib retracement zone of 0.618 perfectly. I am now looking for an entry to the downside.