Price made a double bottom at the key level zone (gray region) & since has pushed up with a strong shift back into bullish momentum.
I have identified a potential bullish reversal pattern forming, the Inverse Head & Shoulders formation, & price is currently forming a right shoulder in the retest supprort zone.
Above this zone, I am anticipating for buyers to build up momentum again to break the neckline above, towards the target zone above & a potential completion of the pattern.
Overall trend on the higher timeframe is also trending higher, and a fresh higher low was formed, which could be an indication on multiple timeframes that price could resume the overall uptrend.
I have identified a potential bullish reversal pattern forming, the Inverse Head & Shoulders formation, & price is currently forming a right shoulder in the retest supprort zone.
Above this zone, I am anticipating for buyers to build up momentum again to break the neckline above, towards the target zone above & a potential completion of the pattern.
Overall trend on the higher timeframe is also trending higher, and a fresh higher low was formed, which could be an indication on multiple timeframes that price could resume the overall uptrend.
Comment:
Daily uptrend flow is quite strong
Comment:
What a move today .. over 200 pips
A conservative trader can look for a break of the neckline and shift of structure, then a pullback to retest the broken neckline resistance to retest as new support structure, for a continuation of the impulsive uptrend movement next.