Fib Analysis & Head n shoulder pattern : Potential Long
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Looking at chart with technical point of view , lets start analysing Previous swing 03 may / 17 june .
Swing low is based on 1.25 price zone from where we observed pull back which was restricted to 0.38 retracement where it has found strong resistance ,
Analysing wave from swing low to 0.38 retracement : Adding fib ratio to smaller 0.382 retracement wave we can see that price has found strong support @ 0.618 retracement and currently sitting at decision point ,
There is potential head and shoulder formation forming in chart , along with fib ratio our case of potential long opportunity becomes stronger,
We are long continuation from here towards 1.28 zone , with good expectation that price may move above 0.38 retracement and continue higher , In case price breaks below we will looking sell with target 1.25 which is 100% retracement of current leg.
Swing low is based on 1.25 price zone from where we observed pull back which was restricted to 0.38 retracement where it has found strong resistance ,
Analysing wave from swing low to 0.38 retracement : Adding fib ratio to smaller 0.382 retracement wave we can see that price has found strong support @ 0.618 retracement and currently sitting at decision point ,
There is potential head and shoulder formation forming in chart , along with fib ratio our case of potential long opportunity becomes stronger,
We are long continuation from here towards 1.28 zone , with good expectation that price may move above 0.38 retracement and continue higher , In case price breaks below we will looking sell with target 1.25 which is 100% retracement of current leg.
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as anticipated on break below our target hit @ 1.25 ,
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