You can see more on this analysis below.
Two valid setups are forming in the same area, the at $1,300 and the at $1,295.
The measurements for a valid are detailed below.
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272
The provides several indications going forward, price is quickly approaching the where both of our setups complete, at the bottom of the zone price will meet the 200 which is an additional dynamic support. The next support to follow this is most likely the lower support near $1,250.
I will most definitely be waiting for the next daily close before executing, the decline is extremely aggressive so wait on confirmation of a reversal.
In addition to the analysis provided above, price forms a valid formation at $1,300 with the reciprocal ratio of 0.5 which is 2.0.
Stay safe, stay harmonic! Have an excellent weekend when it comes.
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