CONFLUENCES
double trend line touch
failed to break the resistance zone
rejected of 38.2 Fibonacci level signifying a pullback
EXPECTATIONS
Move to the downside returning to the 0 fib level and Exponential Moving Average
Possible break out of TL moving further down to the -27 fib extension level signifying the continuation of a downtrend
Could even see a move towards final fib extension level
Looks like the perfect short position
double trend line touch
failed to break the resistance zone
rejected of 38.2 Fibonacci level signifying a pullback
EXPECTATIONS
Move to the downside returning to the 0 fib level and Exponential Moving Average
Possible break out of TL moving further down to the -27 fib extension level signifying the continuation of a downtrend
Could even see a move towards final fib extension level
Looks like the perfect short position