look at the picture.
- 1hr trend is down, new corrective wave is end.
- 1-5 wave formation with corrective wave formation occured.
- price is respecting 84% fibbonacci fan and reversing, So here is resistance.
- So price will go down.
 |
price is trying to break the dynamic resistnce, Stochastic show ovebought and
price fails to do soand price returns back to down trend direction.
Fibbos fan 84% is strong resistance with outer trend line.Also look at
candlestick formation double tops formation occured with large wicks, so price will retrace back. |
now elliottwave analysis of 1 hr chart
 |
elliott wave completed with corrective wave formation, corrective wave also forms 12345,
note, Important head and shoulder formation occured, So we will trade in down trend
direction with protactive SL |
