Price is reacting to a strong demand zone after forming an M-top pattern on the higher timeframe. Watching for a short-term relief move toward the 0.5–0.618 retracement levels (around 470–490) before deciding whether this becomes a full reversal or just a retest.
If the 450 level holds, continuation to 520–540 is possible. If 450 breaks cleanly, I’ll look for a deeper long setup near 399–371.
Stop loss for the short-term long is below 450.
If the 450 level holds, continuation to 520–540 is possible. If 450 breaks cleanly, I’ll look for a deeper long setup near 399–371.
Stop loss for the short-term long is below 450.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.