UJ

Price came to a halt at the 61.8 fib of the CD leg. A bullish cypher may potentially form on the 4HR in the recent consolidation and would present a good opportunity to go long as the market establishes a higher low. Be aware the overall trend won't become bullish if price doesn't break the X point of the daily cypher completed two weeks ago.

The alternative scenario would be the market continues the recent bearish trend and breaks below 110.