If the price is unable to maintain its downward movement, then look for signals to enter long... If the price is closer to the Lower Limit of the TC thats something better because you can play a trade with a better Risk Reward.
Description in chart
We could be in front of a FBO of the LL of the UTC --- therefore expect a trend continuation to the upside
We could be in front of the first break out of the UTC before a new down trend developes
Lets see how it goes ... trade with care
So far the price have found Support around the 50% of the previous Up Movement (See the fib), However the last attempt to go higher seems to start losing momentum, because the most immediate up trend line (Demand Line) has been broken.
However that does not necesarily means that the bearish market will continue, ...
So Far the price fits its action within the boundaries of an Up Trend Channel, therefore I would expect a corrective movement around the lower limit and in a lower time frame look for long set ups ... lets see how the price action evolves ... trade with care
So far after the break of the LSH level around the 49, I would expect a corective movement, and after that look for signals in order to play a possible movement to the upside ... Anyway lets see how evolves the price aciton.
In this context I would be looking for a corrective structure and then look for a long set up in order to enter the market, however the price can also break the 19.90 area and maintain the underlaying uptrend, in this case I prefer to wait in order to have a better entry. Notwithstanding if the 19.90 holds then we ...
So far the price has been unable to keep pushing lower to the downside, see the failure around the 43 level, therefore for the next week if the price is unable to go around the 43 again, and a Higher Low is formed, then in a lower time frame look for long set ups in order to play a possible movement to the upside.