WEEKLY: - possible retest of the trendline before further downside - pair bounce on trendline twice (yellow sphere), thereafter, pair broke out (pink sphere). - there could be a possible short opportunity if pair rejects the ascending trendline - pair could spike to the 100% fib before continuing its downward mvnt
INVALID IF: - weekly closure above the trendline
NB: - watch DXY + SILVER for correlation. - wait for upward momentum to decrease, therefore look for multiple rejections on the daily/ 4H time-frame before shorting - wait for clear rejection on daily + 4H time frame before entering trade - watch fundamental release prior to entering