this is based on the OTE sweet spot retracement level from the swing high (thanks CRInvestor!). Not only is the sweet spot a major fibonacci zone, it's also a retest of previous price control point that has been tested at least 4 times.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.