On the 1 Week, price has failed to create a Higher High to break the Weekly Resistance (Fib 0.50); instead created 2 Lower highs. A break of a Lower Low beneath the Weekly Trendline will confirm The Long term bearish Trend. Fib 0.382 has held strong since November and has proven to be an area of rejection/ confluence.
Inverted Triangle forming on the 1 week so a Downtrend is expected if it breaks trendline.
After breaking inner Trendline on the 4H, I expect a surge to the upside to test 4H Resistance before retracing to complete it's Bearish Trend. (The inner Trendline actually forms a longer Bearish trendline extending from October when viewed on the Weekly Time-frame.) If viewed from that angle, price has failed to break above that Trendline which is a 'partial' confirmation that Sellers are pushing buyers out.
A Short term (120 + pips) Bearish trade can be taken within the Triangle once price retraces from the 4H, before looking for long Bearish Swing Trades.
Inverted Triangle forming on the 1 week so a Downtrend is expected if it breaks trendline.
After breaking inner Trendline on the 4H, I expect a surge to the upside to test 4H Resistance before retracing to complete it's Bearish Trend. (The inner Trendline actually forms a longer Bearish trendline extending from October when viewed on the Weekly Time-frame.) If viewed from that angle, price has failed to break above that Trendline which is a 'partial' confirmation that Sellers are pushing buyers out.
A Short term (120 + pips) Bearish trade can be taken within the Triangle once price retraces from the 4H, before looking for long Bearish Swing Trades.