We are at a major price reversal zone based on the current counter trends fib retracement reading (4H fib). I percieve this as momentum doing one of two things: transitioning the momentum on the daily price action to an uptrend (unlikely) or continuing the next leg down after a potential consolidation near the previous support turned resistance potentially after some intraday consolidation. I favor this outcome because of the engulfing bullish candle on our daily chart, and overall daily momentum. I am watching, however, the exhaustion being created on the weekly structure, as this is another potential higher low and could be an important fib level. I would be interested in seeking to follow current downward momentum toward 1.30490
Leading into the weekend, I am interested in this set up, because I think it will very much effect our opening of next week.
Leading into the weekend, I am interested in this set up, because I think it will very much effect our opening of next week.