the black line is the 61.8 FIB EXT of the monthly wave XYZ.
so we should expect to have a strong downtrend from here, but in my opinion, not before another touch of the upper side of the red channel.
on the other hand, the gray circle is the intersection between the three important lines.
red line: the bottom line of the red channel as support zone.
magenta line: very important support line.
aqua line: strong uptrend line.
so I am waiting for the H4 time frame confirmation to get a beautiful long.
so we should expect to have a strong downtrend from here, but in my opinion, not before another touch of the upper side of the red channel.
on the other hand, the gray circle is the intersection between the three important lines.
red line: the bottom line of the red channel as support zone.
magenta line: very important support line.
aqua line: strong uptrend line.
so I am waiting for the H4 time frame confirmation to get a beautiful long.