The 1D Channel Down eventually made a Lower High (RSI = 49.851, MACD = -0.004, Highs/Lows = 0.0000) a little higher than the projected 1.1400 0.618 Fibonacci retracement. This is a good short opportunity nonetheless for at least 1.11515 Lower Low based on the previous Lower Low sequence (blue dashed line). Our new long term targets are 1.11765 and 1.11085 in extension.
It is important to point out however that the 1D downtrend appears to be slowing down as every Lower Low is on a decreasing rate and every Lower High is on a higher Fibonacci retracement level than the previous. If this continues, the Channel Down will eventually break upwards (doesn't mean that the long term 1W/ 1M bearish trend will change). In order to avoid this upward break out, the next Lower Low should preferably be near a -3.00% decline rate.
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It is important to point out however that the 1D downtrend appears to be slowing down as every Lower Low is on a decreasing rate and every Lower High is on a higher Fibonacci retracement level than the previous. If this continues, the Channel Down will eventually break upwards (doesn't mean that the long term 1W/ 1M bearish trend will change). In order to avoid this upward break out, the next Lower Low should preferably be near a -3.00% decline rate.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial