Here is my look at it...
Well as we can see price has come to the buy zone in the monthly chart forming the pin bar...I personally trade 4 hour chart and the daily chart...
In the fallowing picture you will see my 4 hour perspective of this market...
What you see in my picture is a bullish movement taking place that has about one more move up before the sellers show us if this move up over the past couple of days was the retracement to the down move or if the retracement to the bullish movement has finished and it will now continue on in it bullish direction after creating a pin bar in the monthly chart on the 50 percent fibb (red) we also have a bullish head and shoulders taking place ...keep in mind I position myself in the right shoulder....
The true direction should be shown once the market impacts that down trendline...Because if price is able to brake it we shouldf be able to continue to get some waves up...and if enough sellers are proven at that last downtrendline then the market will brake the upward trendline over the past couple of days and make a bearish head and shoulders...the coming up days might get a bitt rangy do to the fact the market will find some sellers to the recent up move...
here is a better zoomed in pic...
Well as we can see price has come to the buy zone in the monthly chart forming the pin bar...I personally trade 4 hour chart and the daily chart...
In the fallowing picture you will see my 4 hour perspective of this market...
What you see in my picture is a bullish movement taking place that has about one more move up before the sellers show us if this move up over the past couple of days was the retracement to the down move or if the retracement to the bullish movement has finished and it will now continue on in it bullish direction after creating a pin bar in the monthly chart on the 50 percent fibb (red) we also have a bullish head and shoulders taking place ...keep in mind I position myself in the right shoulder....
The true direction should be shown once the market impacts that down trendline...Because if price is able to brake it we shouldf be able to continue to get some waves up...and if enough sellers are proven at that last downtrendline then the market will brake the upward trendline over the past couple of days and make a bearish head and shoulders...the coming up days might get a bitt rangy do to the fact the market will find some sellers to the recent up move...
here is a better zoomed in pic...