Understanding the structure of the market and analysing the trade entries for Swing trade
Bearish View
1. Price is absolutely around 50% of Fib which is a reversal zone.
2. In Price action pattern we can see a double Top. Good reversal pattern to be considered
3. Pitchfork Median Line is being rejected.
4. If the Trend line that is being respected since the reversal is broken then we can say we are strongly bearish once again (Red Line drawn)
Only thing that concerns for bearish move is Volume.We can see a low volume bearish candle which can be considered as No Supply as per volume analysis, though it doesnt have any lower wick rejection which would have confirmed no suppl bar.
Bullish View
1. After a Breakout of 16825, wait for a retrace back and take the position would be ideal. Bullish possibilities are marked in Green. follow the structure
Note : Analysis doesnt mean Financial Advise and should not be taken as one.