Its a big if, but if price can get back up here to this level it would be a convenient place for us to see the short term trend reverse. Why?
1.We have a Fibonacci extension level at the 1.618
2. We have a normal retracement from our swing high @ 886
3. Another potential AB=CD pattern
4. this is a good looking support (hopefully come resistance) level.
5. The overwhelming outlook on the higher timeframes is down.
We need to look out for the RSI showing oversold conditions, showing hidden divergence and normal divergence on any patterns which might form while up there e.g. a double top. Also, depending on your trading plan a valid entry might come simply from a candle stick formation e.g. a pinbar or a Doji. This is my opinion only and should not be considered as advice.
Let me know if you have any questions, Ill do my all to get back to you. Thanks.
1.We have a Fibonacci extension level at the 1.618
2. We have a normal retracement from our swing high @ 886
3. Another potential AB=CD pattern
4. this is a good looking support (hopefully come resistance) level.
5. The overwhelming outlook on the higher timeframes is down.
We need to look out for the RSI showing oversold conditions, showing hidden divergence and normal divergence on any patterns which might form while up there e.g. a double top. Also, depending on your trading plan a valid entry might come simply from a candle stick formation e.g. a pinbar or a Doji. This is my opinion only and should not be considered as advice.
Let me know if you have any questions, Ill do my all to get back to you. Thanks.