We just see a retracement of the long decline since January. As this is a downtrend already and we are holding below the EMA we can consider this as a retracement.
This consideration is supported by the 65 % Fibonacci level from where the retracement started.
When we take into account that we've got a double top which are the July and December 2023 highs we can expect a further decline which may become mainstream at the beginning of May.
This consideration is supported by the 65 % Fibonacci level from where the retracement started.
When we take into account that we've got a double top which are the July and December 2023 highs we can expect a further decline which may become mainstream at the beginning of May.