Preferred case: On the H4 chart, we have a bearish bias with price under the Ichimoku cloud which indicates a bearish market, adding confluence to our bias. Price is currently consolidating along the 1st resistance line at 680.25 where the 50% and 38.2% Fibonacci lines are located. Expecting price to continue bearish and head towards the pivot at 661.2 where the previous low, 100% Fibonacci line and 78.6% Fibonacci projection lines are located.
Alternative scenario: Price may go back up and close above the 1st resistance level and head towards the 2nd resistance line where the previous swing high is located.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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