Consider this as a guide to support or discard a trade idea of your own.
On the 4HS chart the main items are:
a)After the price hit 13.000 we saw a broke out from the ascending trendline and an ABC formation from the broken side
b)This gives us information that the price wasn't able to re-enter the previous zone
c)To confirm that the price broke out again from the ABC structure an now is testing a support zone
Based on the previous Items our conclusions are:
-Acceleration on the bullish movement decreased
-2 ascending trendlines have been broken
-If price breaks out the support zone, we expect a continuation of the bearish movement towards the ascending trendline
-If that happens. look for reversal patterns on the major ascending trendline, we think is a good spot to develop long setups.
On the 4HS chart the main items are:
a)After the price hit 13.000 we saw a broke out from the ascending trendline and an ABC formation from the broken side
b)This gives us information that the price wasn't able to re-enter the previous zone
c)To confirm that the price broke out again from the ABC structure an now is testing a support zone
Based on the previous Items our conclusions are:
-Acceleration on the bullish movement decreased
-2 ascending trendlines have been broken
-If price breaks out the support zone, we expect a continuation of the bearish movement towards the ascending trendline
-If that happens. look for reversal patterns on the major ascending trendline, we think is a good spot to develop long setups.
