H4 - We have a key resistance zone that has formed by the 100% (1778.34) fibonacci expansion level of the first wave and the 61.8% (1794.43) fibonacci expansion level of the second wave.
The price which was moving higher reached this key resistance zone, respected it and is currently holding below it. Bearish divergence.
H1 - We had the first leg to the downside and currently, it looks like a correction is happening in the form of an ABCD pattern.
Expecting further continuation lower after a valid breakout below the most recent uptrend line.
Note: We have Non Form Payroll news release today, please pay attention to that.
The price which was moving higher reached this key resistance zone, respected it and is currently holding below it. Bearish divergence.
H1 - We had the first leg to the downside and currently, it looks like a correction is happening in the form of an ABCD pattern.
Expecting further continuation lower after a valid breakout below the most recent uptrend line.
Note: We have Non Form Payroll news release today, please pay attention to that.