There is always so much excitements! fFamous German writer Herman Hesse quoted once: "Jedem Anfang wohnt ein Zauber inne" (Every beginning hold its own magic)
! Beware that the 38.2% retracement of the most recent downswing on the daily timeframe starting 31st of march, only comes at 0.749. However, the down trend line provides resistance just a little short of the 382. If market wants to push this price lower, then chances are good that the price will turn around in this area (382 to be known for trend confirmation retracement) and chase the low that developed beginning of May.
After that, the price will either:
- create a new low, then I´ll wait for the next pullback into resistance to go short again or
- break to downtrend line to the upside, then I would go long on the pullback into that trend line (assuming I get some lower timeframe entry confirmation)
I just sent you a chart update.
Appreciate your feedback if you decide to take a similar idea.