As we can see we have two big factor here to make sense of why we are looking to go down. We had a 3 swing (2 against the bearish trend) moving against our previous establish move down, making the second one smaller than the initial move. Now we could theorize that we are going deeper into a development of a new trend UP by building a bigger base before price shoot skyward, this can definitely be a possibility. The thing that turns me pessimistic on prices is the bigger trend line closely following every high prices made since the 156.00 level. Price has now found itself getting trapped in between this trendline and the one surging from the coronavirus lows. We should have a certainty of this move once price steps into 131.6 territory. I MYSELF would like to see a sell on the yellow dotted line, this obviously being an anticipated entry with the intention of trying to make the most of the move to come.
