Looking for the retracement on the big move that happened over the course of a couple of months.
The retracement may be a 5 wave pattern indicated by the purple FIB.
We see wave 1 complete at the 61.8%, and then wave 2 stopped on a dime at the 78.6%.
Looking for 38.2% and then 23.6% to complete the wave series.
Once we break the current support trendline, we can see price drop relatively quickly further to the downside.
We already have a lot of bearish momentum downward.
Also, the target point at 23.6% should be reached by sometime late January/early Feb which coincides with the Brexit talks.
The retracement may be a 5 wave pattern indicated by the purple FIB.
We see wave 1 complete at the 61.8%, and then wave 2 stopped on a dime at the 78.6%.
Looking for 38.2% and then 23.6% to complete the wave series.
Once we break the current support trendline, we can see price drop relatively quickly further to the downside.
We already have a lot of bearish momentum downward.
Also, the target point at 23.6% should be reached by sometime late January/early Feb which coincides with the Brexit talks.
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This is a weekly support level that price may come back to retest next week before dropping.
We also see that the 4hr is holding at this level with an inverse head and shoulders on the 5 min.