Confluences as annotated. I usually only target up to the -27% fib extension, but on the daily time frame we are within the third swing of the uptrend. The -27% fib extension target for the current daily swing is beyond the pink level of resistance, so extended my target in line with the daily trend.
Confluences: 1) Rejection of 71% fib level, 2) Inverse head and shoulders pattern with broken neck line on H1, 3) strong bullish engulfing pattern on H1, 4) At H4 support, 5) 3rd touch of secondary TL
Now at potential return move of the neck line before we rocket?
Target -27% fib
1. Potential triple bottom
2. Rejection of 61.8% fib level
3. Rejection of H4 support
4. Third touch of TL
5. -27% fib target lining up nicely with monthly support
Beware of monetary policy statement and ECB press conference this afternoon!