Price has been moving to the downside of the daily channel for 2 weeks now. Price last week was stuck in consolidation until price broke to the upside printing a bullish engulfing bar and a lower low on the daily time frame. Price is currently in exhaustion. Looking to capitalize on longs this week as price looks to retrace back up to Fibonacci levels, 61.8% to be the prime target. Looking for confirmation on lower time frame to confirm long entry. Looking for bullish engulfing bar or pin bar as price is to make a mini retrace early this week before heading on up.
My analysis are for educational purposes. My post are not signals! Trade at your own risk. Happy Trading!