ACB should be at a good price for a "bounce" (see weekly chart below)… We saw a decent reaction off 1.50, which should act as good support. Now appear to be in a "flag" formation, which aligns with retesting the highs of the previous low, and could also be the 5th part of a Elliot Wave pattern within the downward channel... Target will be 4.68 based off weekly chart and depending on how price reacts at the entry level of 1.64 with stop loss just below previous low... I would wait for as much confirmation as possible though, as S.L. is still 8%, even though the R:R is still great ! We shall wait and see !
Comment:
$4.68 Target is also right @ 200 SMA...
Order cancelled:
This broke out of the "flag/channel" to the upside ! 1.95 will be where I will look for an entry now... If it moves much lower, I would expect much more downside on this...