The present prize zone is a strong one and it has been tested twice....if the zone is still valid there might be a possible price fall from that zone
Also prior to that there was a low elimination which shows a possible change in price structure
But if the present zone fails to hold price awe have two fresh zones above that zone which could possibly reject price...
First of all we need to consider that that we see on the chart is quite different....
From what I can see in the weekly time frame are as follows
1) a shift in market structure to the bear side how to I know this there was a low taken out prior to bullish push that happened recently to raid stops, grab liquidity and push price to a fresh level of supply
There are...
Confluences
Break and retest of the trend line
Possibly a formation of head and shoulder
The minor higher low broken hence a possible change in market structure if so we are waiting a buy between now and Monday to the next supply zone for a short or if the major resistance is maintained i.e. The present level of resistance
Finally the 70.5 fib retracement is...
As we rode the the move last week we continue the move up to form an head and shoulders patter then a reversal to clears the low and return to the demand zone beneath........
