TECHNICAL POINTS:
Weekly Fib (white)
Daily Fib (blue)
4hr Fib (orange)
Weekly support
Daily resistance
4hr 200EMA
4hr 800EMA
Clear Downtrend on Daily
Clear Downtrend on 4hr
Buy Confirmation (1):
Break and close above Daily resistance, 4hr 61.8% fib, daily 23.6% fib
This would also break the lower high/lower low structure and negate the usual correction pullback to the 4hr 61.8% fib level.
Buy Confirmation (2):
Daily rejection of weekly support and fibs in that area creating a double bottom
Sell Confirmation:
Break of weekly support, fib levels and 4hr 800ema to target previous swing lows.
Weekly Fib (white)
Daily Fib (blue)
4hr Fib (orange)
Weekly support
Daily resistance
4hr 200EMA
4hr 800EMA
Clear Downtrend on Daily
Clear Downtrend on 4hr
Buy Confirmation (1):
Break and close above Daily resistance, 4hr 61.8% fib, daily 23.6% fib
This would also break the lower high/lower low structure and negate the usual correction pullback to the 4hr 61.8% fib level.
Buy Confirmation (2):
Daily rejection of weekly support and fibs in that area creating a double bottom
Sell Confirmation:
Break of weekly support, fib levels and 4hr 800ema to target previous swing lows.
