We are testing the 50 SMA on the 1-hour as local support. Based on the recent head and shoulders, we are likely to see a deeper pullback creating a lower-low, possibly around the 1.618 fib extension shown on this chart.
After which I would expect a likely lower-high leading into a bottom formation in consolidation and then eventual bullish continuation of the larger weekly trend.
After which I would expect a likely lower-high leading into a bottom formation in consolidation and then eventual bullish continuation of the larger weekly trend.
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