lots of colours and lines here making it seem a bit confusing. Basically we have:
A broken uptrend
A retest of this uptrend
A break of support
A retest of support
Retest lines up with the 50% level on the FIB
The way everything is adding up I could see this being the halt of the AU uptrend
Possible trend reversal. Upside down head and shoulders has emerged. We will see if it break the neckline and set SL below previous low (right shoulder) and tp as a 1/2 ration which lines up nicely with the grey 240MA which tends to cause a reaction so it would be an ice place to get out of this trade.
Let me know what you think :)
Orange line indicates a level of resistance. After putting the FIB onto the resistance high and the low of the first retracement. We can see that we are at our last potential level for a reaction which is also now resistance. Entering from this 100% level has worked very well for me in the past.
Red line indicates sniper SL which has been decided on a 15m...