As you can see there are coloured boxes along the chart and that shows kinda similar types of market that have been working like a cycle, the blue one forming kind of an harmonic shape on H4 / D timeframe.
The chart is currently at an M formation and I am excpecting a correction to the neckline (this movement aligns with the cycles as well).
First time doing this...
We've been consolidating for a long time and now we have a third touch on the lower trendline, I think there is a lot of potential for a bullish breakout until the 1560 level.
Waiting for bullish action.
I think we are going to have one of these 2 movements if there is a Head and Shoulders.
The first move because of a potential strong downwards trend and the second move due to the chart looking a bit symmetrical so it is a duplication of a previous move in the chart.
Chart is currently in a bearish move, let's see!