As you are seeing price is consolidating in a flat line and the previous impulsive was was very strong bearish wave so if we compare those candles with current consolidation candles we will find out that no one is willing to buy this thing and everyone is waiting for another down wave, shorting it now allows us to ...
As you are seeing price consolidated for some time then fell and tested the demand zone and rejected strongly from the zone, If you check the weekly chart you will see that this week candle is a bullish rejection candle.
As you are seeing we have a nice and clear double top at top of the up trend and then price declined, After that price pull backed and made another small double top then formed a big bearish engulfing candle.
I was waiting for this moment for few days since that bearish rejection candle formed and price declined so now it's reached a level that buyers showed them self and they formed a bullish engulfing candle.
Take a look to previous four touches of trend line, On all of them you will find a candle pattern, last one was a bullish inside bar then three other was rejection candles and now it formed another bullish rejection after touched that line.
As you are seeing price retraced to 61.8% and then bounced and formed a bullish engulfing candle, If we look to the left side we will see same type of bounce from same zone almost 2 week ago so based on that zone and engulfing candle I'm going to long this looking to last high as target.
As you are seeing price had a pull back and then rejected after touched a key zone, Now the candle closed as a bullish rejection candle so it may make a new high and will touch the next key zone that I highlighted on chart.