- WANUSD brokeout above the inverse head and shoulders neckline resistance.
- Price hit a swing high and retraced.
- Price is retesting the neckline resistance (flip horizontal support) and key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
Wanchain may have 1 more wave to complete the 1-5 correction. This will re-test the major support/resistance line. Hopefully a bounce will follow. Not sure if the following bounce will be a B wave. I normally like to cross-reference a dollar chart but there is not one available.