1 last potential leg lower before a continuation long.

Daily in a bear rotation where price has now pulled back into the daily kill-zone that has been the area of support now acting as resistance. This zone also lines up with a 38.2 Fibonacci retracement from its entire swing leg. Targetting the next structure extension lower which has multiple confluences: 1.618 Fibonacci extension, an AB=CD equual measured move from its previous lower high outside return and new low, a 38.2 Daily swing leg Fibonacci retracement, a 61.8 Fibonacci retracement from its previous low on the 22nd of June to the peak on August 31. and lastly a 1.272 Fibonacci nextension from the daily swing leg violation that put price in this bearish rotation. Should price get to the target zone, there is where I will be looking for longs for the higher time-frame continuation trend higher.

Comment:

240 Ascending Channel completes and could start to see movement to the projected target zone. A break and close below the 1.16847 on the 4 hour will increase the probability in getting there. If it rebounds from its previous outside return it could turn into a head and shoulder top and can get aggressively short at the right shoulder zone.