Update from previous idea:
We have fallen back to the previous swing low, good thing is we are finding support at this level, bad thing is.... we fell back to the previous low.
so, broke the low, bearish sing but it could be a wick to hit SL and pump to the upside, the thing that is confusing me slightly about this drop is the liquidity. we have fell down to these levels 3/4 times now so the liquidity at these levels is weaker. which either means this was a takeout or part of a much bigger move to try and hit the big wick wayyy down at 3400. the plus side to that is look at the violent move down, leaving a lot of liquidity to be taken when price comes back up.
I am going to leave this fib here for the rest of the day probably I don't like that we have broke the previous swing low but at the same time the -0.27 has confluence with my bigger time frames so hopefully that can prove to be a good level of support.
we also have a W pattern forming here, wait for a break of the neckline and we need to keep this higher lows. overall not looking great but I've been saving this from the highs we have loads of support around these levels so don't panic until they have broken clearly to the downside.
best case - W pattern forming getting back above the 0.236
worst case - break below previous low falling into the -0.27 or possibly breaking lower to the 3730 level
We have fallen back to the previous swing low, good thing is we are finding support at this level, bad thing is.... we fell back to the previous low.
so, broke the low, bearish sing but it could be a wick to hit SL and pump to the upside, the thing that is confusing me slightly about this drop is the liquidity. we have fell down to these levels 3/4 times now so the liquidity at these levels is weaker. which either means this was a takeout or part of a much bigger move to try and hit the big wick wayyy down at 3400. the plus side to that is look at the violent move down, leaving a lot of liquidity to be taken when price comes back up.
I am going to leave this fib here for the rest of the day probably I don't like that we have broke the previous swing low but at the same time the -0.27 has confluence with my bigger time frames so hopefully that can prove to be a good level of support.
we also have a W pattern forming here, wait for a break of the neckline and we need to keep this higher lows. overall not looking great but I've been saving this from the highs we have loads of support around these levels so don't panic until they have broken clearly to the downside.
best case - W pattern forming getting back above the 0.236
worst case - break below previous low falling into the -0.27 or possibly breaking lower to the 3730 level
