Looking at the 4h chart - price dipped all the way to the point of confluence (POC) and retraced back up leaving behing a long wick that usually says rejection. A new 4hourly candle opened and is now at the point of confluence for the last formation also accompanied by the presence of the yellow ascending trendline.
Where do we go next?
If we close below this local point, our next stop will be the point of the initial retrace, the POC at 47700. If that breaks we will be supported by the 200 EMA which is now at 43800. And if that too fails to support us we have another support at the 0.61 Fib at 40550.
Where do we go next?
If we close below this local point, our next stop will be the point of the initial retrace, the POC at 47700. If that breaks we will be supported by the 200 EMA which is now at 43800. And if that too fails to support us we have another support at the 0.61 Fib at 40550.
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