Price was previously in a range market at the all time highs. Price then broke the range to the downside, to indicate a higher timeframe correction breaking the 4 hour market structure.
Price has then set a new potential lower low, and a correction has taken place to pullback price now to the previous range / structure zone retesting as new potential resistance setting a new lower high. This zone also aligns with the 61.8 fibonacci retracement which is another strong confluence in this key zone.
Next, if price remains below the green zone & under the previous range, I anticipate that sellers will enter back into the market to allow bears to push price back into the impulsive stage of the downtrend, for a new potential lower low the higher timeframe retest zone.
To simplify this, selling setup under the green zone will be anticipated next.
Price has then set a new potential lower low, and a correction has taken place to pullback price now to the previous range / structure zone retesting as new potential resistance setting a new lower high. This zone also aligns with the 61.8 fibonacci retracement which is another strong confluence in this key zone.
Next, if price remains below the green zone & under the previous range, I anticipate that sellers will enter back into the market to allow bears to push price back into the impulsive stage of the downtrend, for a new potential lower low the higher timeframe retest zone.
To simplify this, selling setup under the green zone will be anticipated next.
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2 Hour Timeframe: Rejections at the key zone occuring on the lower timeframe, an indication that buyers are slowing down in momentum at the critical retest zone, showing that sellers may enter again below this zone.
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4 Hour Doji formed at resistance, anticipating reversal in this region still
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There is the drop today, over 220 pips after the doji candles occured at the key resistance zone
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Over 400 pip move to the downside today off the key reversal zone reaching the 1st projected target