What's very interesting is that the current price action on 4H is replicating the 1D candle formation in 2016. The share a handful of similarities such as the strong rebound on a sideways bottom trade ( at the base of the formation), the consolidation half way through the bull run (eclipse shape) and finally the current at the top. In 2016 a Death Cross followed that essentially confirmed the aggressive decline towards the 0.786 Fibonacci.
Even though the time frames are different (4H to 1D) the market reaction is identical indicating high probability of also replicating the decline that followed in 2016. Based on this we are on the sell side expecting again a decline near the 0.786 level. That puts our TP at 1,310.
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