This is based strictly off of price action. We are at a major resistance in the market and at the top of a trend channel. We are looking at a retracement down to a bout the golden area which is between the 0.5 and 0.618, which is also a support area before going back to the upside. If you want to enter please wait on candle confirmation on the 1H or 4H.
This analysis is based on price action. Its the start of an uptrend/ channel to the upside. It has touched the trendline three times, whiles at the .786 fib area. It is also at a support area. However, if you want to you can enter after candle confirmation.