Pullback/Retest then continuation of downtrend
Reasons for Pullback
- Bull RSI Divergence can be see on the 1H and lower
- RSI has hit 30 on 1D - Oversold
Reasons for Continuation:
- Breakout from pennant
- Target for pennant has not been reached, more to go
- Major Resistance as been broken
Reason for 0.236 Fib
- Strong bearish wave, don't expect a deep retracement
Reasons for Pullback
- Bull RSI Divergence can be see on the 1H and lower
- RSI has hit 30 on 1D - Oversold
Reasons for Continuation:
- Breakout from pennant
- Target for pennant has not been reached, more to go
- Major Resistance as been broken
Reason for 0.236 Fib
- Strong bearish wave, don't expect a deep retracement