so this is just an update of the analysis i published two days ago, the clear-off on the daily seemed like a breakout to me but now i know to always wait for a significant close above or below to confirm a breakout.
but my analysis is as follows :
1. we are at a monthly level of support
2. market closed above an upward trendline from the weekly timeframe
3. a double bottom was formed on the daily and its neckline was broken and retested and the market failed to break below that level for a week
4. so on the H4 i'll be waiting for a significant breakout of that range to the upside and then look for buy entries
5. entries could be the breakout of a counter trendline (downward trendline), a retest of that broken resistance level or if price respects an upward trendline
same could happen for a bearish move but there is just a higher probability of price moving up
but my analysis is as follows :
1. we are at a monthly level of support
2. market closed above an upward trendline from the weekly timeframe
3. a double bottom was formed on the daily and its neckline was broken and retested and the market failed to break below that level for a week
4. so on the H4 i'll be waiting for a significant breakout of that range to the upside and then look for buy entries
5. entries could be the breakout of a counter trendline (downward trendline), a retest of that broken resistance level or if price respects an upward trendline
same could happen for a bearish move but there is just a higher probability of price moving up