skydansh

skydansh Updated 

strong support (blue line) is getting touched by the chart. on the other hand, the bottom line of the uptrend channel is being touched. so, an uptrend to the green zone can be expected which is a reliable resistance as our target.

skydansh

the black line is the 61.8 FIB EXT of the monthly wave XYZ. so we should expect to have a strong downtrend from here, but in my opinion, not before another touch of the upper side of the red channel. on the other hand, the gray circle is the intersection between the three important lines. red line: the bottom line of the red channel as support zone. magenta line:...

skydansh

Look at the blue flag. this is an intersection between the uptrend line, green line, 61.8 fib of the wave AB, and the strong previous resistance zone which is now a support one.

skydansh

it is in an uptrend so the best choice is looking for long. the chart is approaching the resistance zone which is nicely aligned with the 61.8 FIB RETC of the wave AB. so after confirmation in H4 time frame, it can be expected to have a pullback to the B point. deeper penetration of the chart to the red uptrend line should be taken into consideration too.

skydansh

the chart recently has touched the upper line of the downtrend channel. That point intersects with the resistance line which confirms to have a nice short with a good risk to reward ratio.