Correction to 185 or descent to the bottom of the channel
The price moves within an ascending channel (the broader picture, daily or weekly).
Currently the following conditions have been created:
1. Reached the top of the (weekly) channel, encountered weekly resistance and went down from there.
2. An ascending channel has been breached downwards (left red arrow at weekly resistance), and the breach has been checked again (right red arrow).
3. Creates a descending channel, with increasing selling volume.
As I see it - the target is a Fibonacci retracement, at least 38, maybe it will continue to 61 and maybe even go down to the bottom of the channel.
The reason I don't say that the target is the bottom of the channel, is that in my opinion - his long-term target is above (above the weekly resistance), and I calculate this according to the Engulfing candle from the week.
But as they say - when we get to the bridge, we'll see how to cross it...
At the very least - 185 seems like a pretty solid target.
The movement there: (1) can be sharp (not in my opinion), (2) maybe first it will check the bottom of the descending channel, after breaking it, (3) and it is possible that it will also go up before it breaks the descending channel.
I didn't want to rattle off dozens of lines, but if you know what you're doing - you understand how to look for entry points. If I catch one - I will update.
Successfully!
Currently the following conditions have been created:
1. Reached the top of the (weekly) channel, encountered weekly resistance and went down from there.
2. An ascending channel has been breached downwards (left red arrow at weekly resistance), and the breach has been checked again (right red arrow).
3. Creates a descending channel, with increasing selling volume.
As I see it - the target is a Fibonacci retracement, at least 38, maybe it will continue to 61 and maybe even go down to the bottom of the channel.
The reason I don't say that the target is the bottom of the channel, is that in my opinion - his long-term target is above (above the weekly resistance), and I calculate this according to the Engulfing candle from the week.
But as they say - when we get to the bridge, we'll see how to cross it...
At the very least - 185 seems like a pretty solid target.
The movement there: (1) can be sharp (not in my opinion), (2) maybe first it will check the bottom of the descending channel, after breaking it, (3) and it is possible that it will also go up before it breaks the descending channel.
I didn't want to rattle off dozens of lines, but if you know what you're doing - you understand how to look for entry points. If I catch one - I will update.
Successfully!
Trade active:
in 1H it came up to check the triangle(marked), and going down in new downtrend path.
aiming to the 38 fibo
aiming to the 38 fibo
if it breaks above this candle - it can go up to the weekly resistance.
for now - looks like it will go down, no momentum up..