in the short term looks bearish
, current price action is restricted to a descending triangle
. Marked on the chart is the 50% and 61.8% Fibonacci retracement
levels of the bear market which began on the 13th of December and continued until the 2nd of January. Currently looks like we should see a retest of the lower triangle line as we continue to trade within the descending channel
in the short term. The retest should coincide with the 50% fib level where i'm expecting to see some support before moving higher and potentially breaking out of the triangle to test the 61.8% fib level.