So, fellas, the blue rectangle
represents a pretty strong resistance for todays
price action. The level has been tested quite lot and we have a lack of price momentum right in that exact area. Further price decline will form a gartley pattern
since the .618 level is around that resistance level
I was talking about. Shorting now is an option. I would personally give it a shot. Trail stop order for some pips. However if we break the level and test it again with a bounce off it as a support level
that would be a long signal and possibly the end of the downtrend since we just completed the monthly bat pattern
that was standing just @ 42.00. We also have the green bat pattern
which would catch the retracement of the eventual break of this key structure resulting in a test of it.
Thats all, folks.