As of now, we can see price level outside of the trend resistance line. Does that mean a breakout? As of now, Im seeing more of a fakeout possibility as we start to see strong BEARISH signals. First of all, we can see a nice double top (M pattern formed). This action obeys the fib level I drawn earlier without any breakout. In fact, we saw a nice rejection off 0 fib level. Definitely, we saw some consolidation at 23.6 fib level which we should be observing when price move nearer to that level. If price level is unable to move back in trend, we will be BULLISH from there. However, Im seeing a possibility of it moving away from the 23.6 fib level which I believe we can see a potential movement to near 61.8 fib level where there is strong support level there. We can see a support level @0.6195 as well as a old trend support line. As of now, I will trade the BEARISH movement with 2 important levels to look out for as stated above.
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