On the 27500 level, Price has rejected the Weekly Fib 79 Level and shifted the momentum to the downside as it printed a Strong Bearish Engulfing. On Thursday and Friday, it has dropped towards 25000 Institutional Level and rejected it as it temporarily form a new base. As of now, I believe price still has room to go in the bottom where it could retest the Fib region and the SMA 50 to form a new HL formation before it continue to push higher.
For now, I will wait for price action to show a clear direction before deciding to take a setup.
Bias= Neutral
Structure = Breakout and retest
Setup = Daily EMA C FB
For now, I will wait for price action to show a clear direction before deciding to take a setup.
Bias= Neutral
Structure = Breakout and retest
Setup = Daily EMA C FB