- Strong bullish candle on the daily, with a break
of the 50MA
- Break of descending trendline on the 4HR
- Looking for pullback to 0.382, ideally further down to the 0.618, lines up nicely with the MAs on the 1HR and 4HR
Still looking like an uptrend on the daily.
However the lower time frames are looking bearish.
Do we have a possible H&S forming?
The top of the potential right shoulder lines up with the 0.382 FIB indicating further bearish movement
If we get a break and retest of the right shoulder (also the 0 FIB) we could see a new downtrend and opportunities for shorts
Following the break of the previous ascending TL, we saw some short term bearish moves,
but failure to close below the 200MA
We have since had higher highs and lows created, forming a new uptrend.
Looking for a pullback and retest of trendline, 0.618 FIB and 50MA before going long