Hello, everyone!
We have a symmetrical triangle pattern in front of us, and I expect it to break downwards towards the Fibonacci level of 0.55 / 7.436 on the higher time frame.
Currently, the MA50 is acting as support, while the MA200 is providing resistance. We are moving within the C movement to overlap equal highs (eqh), from which I anticipate a correction to the Fibonacci level of 0.5 on the higher time frame and the completion of the C wave by touching the inclined line.
I consider the completion of the D wave to be at the ROS(ROC) horizontal trading angle, and the E wave to be completed by reaching a new high within the C movement. After that, I expect the formation to be fully executed.
Above, there's an additional level marked as the optimal point of entry for a short position (POI).
Best of luck!
We have a symmetrical triangle pattern in front of us, and I expect it to break downwards towards the Fibonacci level of 0.55 / 7.436 on the higher time frame.
Currently, the MA50 is acting as support, while the MA200 is providing resistance. We are moving within the C movement to overlap equal highs (eqh), from which I anticipate a correction to the Fibonacci level of 0.5 on the higher time frame and the completion of the C wave by touching the inclined line.
I consider the completion of the D wave to be at the ROS(ROC) horizontal trading angle, and the E wave to be completed by reaching a new high within the C movement. After that, I expect the formation to be fully executed.
Above, there's an additional level marked as the optimal point of entry for a short position (POI).
Best of luck!