H4 - Special cycle completed, price reached the 38.2% and 50% fibo retrace levels. Double cycle has formed, second leg of the double cycle has broken below the 161.8 fibo extension level.
H1 - Price broke below the critical zone formed by the 161.8 fibo extension level of both the double cycle (bigger and smaller one). Price has also broken below the alternative trend line. If we get a bullish reversal and if the price moves higher then we can go long with the breakout of the most recent downtrend line.
If you want to be more conservative then apply double breakout principle.
H1 - Price broke below the critical zone formed by the 161.8 fibo extension level of both the double cycle (bigger and smaller one). Price has also broken below the alternative trend line. If we get a bullish reversal and if the price moves higher then we can go long with the breakout of the most recent downtrend line.
If you want to be more conservative then apply double breakout principle.