I'm still bullish on this pair... looking at retest at the supply zone again.
Low Risk High Reward Setup.
Selling opportunity on the supply zone with a potential M- formation and H&S on the Daily Time Frame.
I'm still looking for the completion of the Head and Shoulders pattern also considering the supply zone on the daily.
1. Completed 5 wave move. 2. Divergence 3. Stochastic turning from overbought 4. Price on the supply level on the monthly 4 reason for selling this market.
Double bottom break and a retest of the neckline.
Selling in the supply zone.
Confluence gives confidence. We are currently in a downtrend. Price is in the supply zone also in confluence with the 61.8 fib level.
Form the main trend the 5 wave move has been completed. On the current price, I see a possible rally complete the C wave before the bears take over.
