I like to analyse the Weekly time frame to give me a perspective on when I am forming my Bias on any pair

Pattern looks incomplete and shaping up for a 1-2-3 top.

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My Bias is still bullish and it simply looks like a minor correction of the previous rise when you look at the weekly chart. Price has made an HL off support and what we need now is a  close above to 1000 to make a Higher high then we have a confirmed trend change.

If price closes above 11380 then 13448 (overlapping fib areas) well then we may see a double top at the All Time High.

Price action will tell us when we approach these areas. We may be setting up for a very fast rise to the targets and once price terminates we will see an even faster decline.

Price has fibbed and held the % retracement and that signifies that we have fibbed and price may be heading higher for another leg forming the complex 1-2-3 pattern before capitulating and forming a steep right slope as people take profit at these levels.

Looking at the 127% of the two fib studies we get two possible targets bearing in mind we still have some resistance to get past. A couple of targets that are on my radar are the areas 26404 and then  29986.

This is just my opinion. Anything could happen so trail your stops.

 

Photo by Oskars Sylwan on Unsplash

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