on w1 I could not see any resistance.
However on D1 a few month slant HNS has been formed, with yesterday bearish close,
price is now below the neckline.
Looking for a conservative TP but it seems like the space is huge for a potential 500 pips move, should I be aiming for the height of the head.
managed to take profit at a level which I have identified and indeed price did a bounce from here.
within 1.5 days, a 1234 was build up.
Some price intricacies noticed:
1- downflow that crushed the neckline created fib levels that price respected and played around it.
2-fib5 became the shoulder and fib6 became the head
3-Should a right shoulder be formed @ fib5, this distributive pattern can be taken as retesting the neckline
4- Therefore this gives it coiling energy to smash the interim support that I have identified.
trade plan for week 21