On the weekly chart we have Inside Bar.
we can wait until price break blue area and take action.
if price brekout, we can take buy entry targeting green area
But if price breakdown, we can take sell entry targeting red area
At the close of the market last week the price was successfully held in the yellow area which is a pretty strong resistance and formed a pinbar.
the area is strong enough to hold the price movements in the previous weeks.
And this give us an opportunity to sell with an initial target of 1493 and a final target of 1485.
on the daily chart we can see that price break trendline
currently price pullback and likely to retest 38.2 level and completing bullish bat pattern.
this bullish pattern will become our buy setup to catch bullish continuation movement
previous analysis :
currently the price is hitting the resistance and forming a bearish butterfly pattern, but I will only focus on finding a buy position.
which is when the price is testing the 38.2-61.8 area which is the default target of the butterfly pattern. the final target is at 78.6...