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Currently it appears that price action is set to continue its push to the downside and if in doing so will form a Bullish Cypher Formation.
I predict price action will either do 2 things
(A) - test the lows of the minor structure level around the 1.16500 (price could possibly test it and bounce back to the upside or blow straight through it!!)
(B) push down to ...
Nice opportunity for the short side if the B to C leg completes just closed below the 618 fib line its also broke a lower close low candle, could see a nice risk reward on this I've got 1:5 risk reward on this trade I will also be looking for the long side after (if) the C leg reverses in the zone and then I would look to target the C-D completion.
- rsi approaching over sold on 15 min chart
- cypher entry point in confluence with support level (grey)
- T1 and T2 at .382 and .618 fib
- confluence of weekly resistance with .786 fib entry
- rejected this weekly resistance previously three times
- RSI is approaching oversold
- T1, T2 and T3 are set at .382, .618 and 1.00 fibs
- However I may extend T3 if it seems likely for further downside.
- rsi nearly oversold
- entry at .886 fib
- only target 1 at .382
as the overall trend seems bearish at the moment