Prices might push down further beyond pivot, further drop incoming
Prices might push down towards horizontal pullback support in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement. If prices break through the pivot level, prices might continue to push down towards horizontal pullback support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Stochastics is also showing that prices have just reacted off resistance area. If prices do not push down, prices might face resistance from horizontal swing high resistance in line with 88% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.