Following yesterday Session, price has completed the 4H Bearish Tideshift as it has tap the EMA 200 and found support on the Institutional Level 1695 where it was rejected strongly forming a Bullish Engulfing closing above the EMA 200.
During Yesterday NY session close, price has rejected the EMA 14 which has confluence with the 38 Level temporarily. When price bounce once on the 38 level it will mostly returned back to the 62 level for a second bounce. Thus I will be expecting price to retrace higher today towards the 62 Level which has confluence with the Institutional Level 1720 and a Wide Declining EMAs.
For now, I will wait for price to retrace higher and for clearer price action to form on the Lower TF before deciding to take any setup.
Bias = Bearish
Structure = LL formation, corrective to LH ?
Setup = Fib 2.0, 38 Bounce - second entry on 62
During Yesterday NY session close, price has rejected the EMA 14 which has confluence with the 38 Level temporarily. When price bounce once on the 38 level it will mostly returned back to the 62 level for a second bounce. Thus I will be expecting price to retrace higher today towards the 62 Level which has confluence with the Institutional Level 1720 and a Wide Declining EMAs.
For now, I will wait for price to retrace higher and for clearer price action to form on the Lower TF before deciding to take any setup.
Bias = Bearish
Structure = LL formation, corrective to LH ?
Setup = Fib 2.0, 38 Bounce - second entry on 62