With markets with high volatility this days almost any scenario is possible.
Im starting to consider seriously this scenario.
Price retracing to the 0.61 fib from last highs could start another decline from here to form an ABC zigzag.
We have also:
- Strong S/R
- ema 55 acting as resistance
This is not an entry, consider this when making your analysis. The same setup applies to the EURUSD since they are negative correlated.
Regards.
Im starting to consider seriously this scenario.
Price retracing to the 0.61 fib from last highs could start another decline from here to form an ABC zigzag.
We have also:
- Strong S/R
- ema 55 acting as resistance
This is not an entry, consider this when making your analysis. The same setup applies to the EURUSD since they are negative correlated.
Regards.