As you can see on the 1 hour chart, price has broken out of channel and dropped to pivot
. We can see a bullish
engulfment candle at the pivot
suggesting price may be moving up to retest the channel. I am hoping to get a rejection at the 0.382 fib level as that is a demand zone
. I will be waiting for price to see if it could move up to my demand zone
and see if we see a rejection of that price level to enter the trade for a short position.