Price has hit the 61,8 Fib of the CD leg at 0,6840 and the
Yearly S2/SMA200 at 0,6850. Also close to previous high
at 0,69. This makes it a strong resistance level.
Because price is trading below Yearly S2, the bearish trend
is strong, even though PA from september and onwards has
shown significant recovery. On daily timeframe, trend is bullish
as is seen by price trading above the Kumo Cloud.
Note that the C-61,8D leg is less steep than the AB, showing
weakening momentum. IF price will fail here and reverse
the major scenario is a Butterfly Buy with D-level at 0,6050.
But if price instead moves above the resistance and close
above the previous high, we might see a continuation to at least
the D-level at 0,71 or perhaps an extension of the CD leg.
March 11 low stands at 0,7150.
Yearly S2/SMA200 at 0,6850. Also close to previous high
at 0,69. This makes it a strong resistance level.
Because price is trading below Yearly S2, the bearish trend
is strong, even though PA from september and onwards has
shown significant recovery. On daily timeframe, trend is bullish
as is seen by price trading above the Kumo Cloud.
Note that the C-61,8D leg is less steep than the AB, showing
weakening momentum. IF price will fail here and reverse
the major scenario is a Butterfly Buy with D-level at 0,6050.
But if price instead moves above the resistance and close
above the previous high, we might see a continuation to at least
the D-level at 0,71 or perhaps an extension of the CD leg.
March 11 low stands at 0,7150.