Strategy: Short
4 Hour Chart
A quote from Yesterday’s review
Indeed the price reaching at this very moment (while writing this review) to the first target level, the 75.40 price level which is a 50% correction of the last uptrend (blue broken line). As it was mentioned on yesterday’s review, a proven break of this level will indicate that the price will try to reach the 75.00 price level which is a 61.8% correction by Fibonacci retracement of the uptrend mentioned. It is possible that a new move upwards will be created from the current level, but considering the descending price structure that was created, it might be only a correction.
Current review for today
The price did reached exactly to the 75.00 price level, which is a Fibonacci correction level in size of 61.8% of the last move upwards (blue broken line) and stopped exactly on it. Following the descending price structure, it is possible that a correction in size of between a third and to thirds of it will begin.
You can see the chart below: 