The bulls are seeking a discount from a solid support.
The support is a solid structure that would be expected to hold and drive the price through the near term resistance.
If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand.
From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior resistance is on the cards.
1st Scenario : Buy at 1727-1728 (beginning of Wave 3) Stop Loss 1720
2nd Scenario : Sell at 1760 (4th wave on weekly)
If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand.
From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior resistance is on the cards.
1st Scenario : Buy at 1727-1728 (beginning of Wave 3) Stop Loss 1720
2nd Scenario : Sell at 1760 (4th wave on weekly)
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