Strategy: Short
4 Hour Chart
A quote from Yesterday’s review
The price looks closer than ever to breaking the 75.65 price level. It is possible to see the descending price structure and a breaking of the 75.65 will probably lead the price to further descending with first target at the 75.40 price level which is a 50% correction of the last uptrend (blue broken line). A break of this level will lead the price to the 75.00 price level (61.8% correction by Fibonacci retracement). Only a stop at this point and breaking the 76.25 price level will change this assumption.
Current review for today
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.
You can see the chart below: 