Just take a look at my chart drawing.
Enter-reason: clear support-zone (entry zone now), over-all uptrend because this supp zone is formed at 61.8 fib level (not drawn but its a fact), great risk/reward ratio. Target level that high because its the same height that has been occured in the last up-move before so we take that height and place it on our entry level...
We see a typical downtrend-move formed by lower highs and lower lows. For confirmation we have 2 trendlines + fibonacci levels (pervious at 61.8 reversed and now at 38.2) + Doji forming at the current level which indicates weakness by the short-term uptrend so therefore we should see weakness => to the downside.
What do you think? Comments are welcome! :)
Potential setup. Support is broken and waiting for a little retest to previous support which becomes a resistance level @18.4 | Target is around 16.0 where the outer trendline is located.
Leave your comments/ideas below. Thanks!