Reasons/Traits : • Forming bullish Gartley harmonic pattern • Retested point B of Harmonic pattern • Pricing making lower lows • Price retraced and from 0.618 fib levels and got rejected at 50 EMA and heading back to 0.618 level • Breaking 0.618 level can further see a price decline • RSI strength is reducing and is below 50
What can happen next : Scenario 1 : Price sustaining 0.618/0.5 levels can help price bounce back to meet 50 EMA (red line) Scenario 2 : Price break down of 0.618 levels can take it down to touch 200 EMA (black line) or 1050 level and complete Gartley harmonic pattern and retrace back to point B (1300)
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Comment
⋅
Point B of harmonic pattern is acting as strong resistance