Recently price was travelling in an ascending channel
, however we did just see a clear breakout, several 4 hour candles closed below the channel. Right now price has come back up to retest the channel, also at the 0.618 which is the perfect reversal point of any wave. This suggests price will take a fall, our targets are marked above on the chart.
Our first target is the previous Lower Low, our second is the next support zone
and our third is the -0.217 extension level of the fib wave we used of the previous wave!
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