Here we see price approaching a significant supply zone, where it has tested previously. The last sequence was a touch and then a retest to form an M before a large push down. The last time it tested this level there were 6 days between testing of the levels, this touch today makes 6 days between touches of the level once again. Could we see another M formation push down?
Additonally we see a large U formation at the supply zone pointing to a short bias, and potential double top. Looking for a 3:1 risk:reward setup with risk just above the supply zone.
Additonally we see a large U formation at the supply zone pointing to a short bias, and potential double top. Looking for a 3:1 risk:reward setup with risk just above the supply zone.