1. THE RED LINE: a very reliable downtrend which recently been touched for the 3rd time by the chart
2. THE YELLOW LINE: this is strong support and resistance line that after being broken, turned into a very strong resistance.
3. THE PURPLE LINE: 0.618 fib retracement of the wave LL is aligned with this line
PUT THEM TOGETHER: we have an elliptic zone in which the three important lines formed an intersection, all acting as resistance.
CONFIRMATION: it is important to wait for the aqua line (uptrend H4 line) to be broken by the chart. a candlestick formation in the H4 timeframe is needed too.
this is just an ISEA and not financial advice.
good luck...
2. THE YELLOW LINE: this is strong support and resistance line that after being broken, turned into a very strong resistance.
3. THE PURPLE LINE: 0.618 fib retracement of the wave LL is aligned with this line
PUT THEM TOGETHER: we have an elliptic zone in which the three important lines formed an intersection, all acting as resistance.
CONFIRMATION: it is important to wait for the aqua line (uptrend H4 line) to be broken by the chart. a candlestick formation in the H4 timeframe is needed too.
this is just an ISEA and not financial advice.
good luck...
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