Price action has broken below a significant level of support and resistance. Following the retracement of the initial break, support should become resistance.
Looking for a third harmonic A to B impulsive move since the market has respected the previous two. The market has also been continuing the trend at the 0.618 retracements of the impulsive moves. On the hourly chart we can see that the market is placing a double top, along with strong RSI divergence.
Stops are placed above the previous lower high; with targets set at the 1.27 extension of the current A to B move.