Notes the 4th Elliot wave structure in a form of a channel of which price broke out impulsively. The 4th waves average price is a significant zone for a reversal and it aligns closely with the neckline of the over extended M - Formation market with grey structure zone.
There might be potential selling opportunities in that zone as well.
The market has already push impulsively to the downside last week and broke out forming an over extended M - Formation pattern when it broke out of the channel on the 4H timeframe. The M - formation pattern completes at the neckline. Hence the potential for a buying opportunity.
The zone or are that the market is currently at on the higher timeframe (Weekly...
