The bulls are seeking a discount from a solid support.
Updated
The support is a solid structure that would be expected to hold and drive the price through the near term resistance.
If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand.
From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior resistance is on the cards.
1st Scenario : Buy at 1727-1728 (beginning of Wave 3) Stop Loss 1720
2nd Scenario : Sell at 1760 (4th wave on weekly)
If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand.
From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior resistance is on the cards.
1st Scenario : Buy at 1727-1728 (beginning of Wave 3) Stop Loss 1720
2nd Scenario : Sell at 1760 (4th wave on weekly)
Trade active
Disclaimer
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.