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⋅ Daily timeframe analysis:
- Price seems to be respecting the upward trendline and forming an elliott wave pattern
- Price has bounced off of the 0.382 fib level retracement
H1 & H4 timeframes:
- Price has broken the trendline and seems to be continuing down
I like to look at the higher timeframes to get a bigger picture of the trend, market patterns and price action.
As always; wait for confirmation candle...