H4 - If we get a double wave down then we may expect the price to move lower towards the zone where the 61.8 fibo extension and 38.2 fibo retrace coincides. If this critical zone holds, we can go long with the breakout of the downtrend line.
There is a possibility of one more push lower with the price reaching the uptrend line and then we can one we get bullish reversal we can join the bulls with the downtrend line break.
H1 - Head and shoulder pattern completed, we may expect the price to duplicate it and the duplication level coincides with the critical zone.
The ideal scenario for buys according to me would be the price to push lower reaching the 61.8 fibo expansion level, forming a bullish divergence with false break. There is also a possibility that the bullish reversal might happen once the price reaches the uptrend line.
At the meantime until this downtrend is holding we may look for short term sells.
If the price breaks below the uptrend line, then this buy scenario will be invalidated.
There is a possibility of one more push lower with the price reaching the uptrend line and then we can one we get bullish reversal we can join the bulls with the downtrend line break.
H1 - Head and shoulder pattern completed, we may expect the price to duplicate it and the duplication level coincides with the critical zone.
The ideal scenario for buys according to me would be the price to push lower reaching the 61.8 fibo expansion level, forming a bullish divergence with false break. There is also a possibility that the bullish reversal might happen once the price reaches the uptrend line.
At the meantime until this downtrend is holding we may look for short term sells.
If the price breaks below the uptrend line, then this buy scenario will be invalidated.