Two ideas:
1. SELL - Looking for a potential sell area at the red box. Confirmations to enter this trade would be a break and retest and then a candle confirmation such as an engulfing candle or doji on the trendline and resistance.
2. BUY - Option if the market breaks the resistance and trendline. I would not enter this trade until the market retests on the blue line which is a resistance level on the 4-hour timeframe. Can also look for candle confirmation.
Also - I marked the fib from the last impulsive move which is the blue box. However, I am avoiding this trade since it looks riskier to me.
1. SELL - Looking for a potential sell area at the red box. Confirmations to enter this trade would be a break and retest and then a candle confirmation such as an engulfing candle or doji on the trendline and resistance.
2. BUY - Option if the market breaks the resistance and trendline. I would not enter this trade until the market retests on the blue line which is a resistance level on the 4-hour timeframe. Can also look for candle confirmation.
Also - I marked the fib from the last impulsive move which is the blue box. However, I am avoiding this trade since it looks riskier to me.