On the 5 min chart there is a head and shoulders setup and on higher time frames price has retraced from resistance line so i am expecting a sell below the right shoulder down to previous structure.
Price has just completed a 5 wave impulse move to the downside and i am expecting the B to C correction wave to occur after a retest of major weekly zone.
if price continues to trend down and break the previous low which is situated within a strong structure zone then I will sell and head for the next zone below.
Looking for price to continue in a downtrend; after price rejects from trend line and breaks blue zone I am looking to make a quick sell after the previous low is broken.
Price has retested a weekly resistance line for the 4th time so I am looking to sell after the zone has been broken and head for the 0.618 retracement level.
Price is heading towards the highest price of the past 2 years (light blue line) and it has reached the top of a channel on the 4H; therefore, I am expecting a strong rejection to the downside where I will take profit at TP1 and then TP2.
If price breaks through lower yellow zone then aiming to take profit at TP 1 then maybe continue down to TP 3. If price breaks through current zone and zone abpve then aiming for TP 4 and 5.
If price bounces from the bottom of the plotted zone, looking for a buy from outside the top of the zone to resistance line. if price breaks plotted zone, looking for a sell.
I think the chart is following an Elliot impulse wave after following a very strong selling period; the chart has recently bounced off the 0.618 level from the Fib retracement of the strong bearish move and heading to the 0.382 level as it is the 4th wave and it is not likely to pass the price reached from the 1st wave. If price reaches the 0.382 level I believe...
