UPDATE
After price dropped and stopped at the last Fib cluster we had a nice bounce at support. This was the main level I was looking at. Notice how price followed the red down arrow and then bounced at support?
Lets see if it can last.
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I will be looking at the daily for a clear reversal - then look to 4 hourly for trade entry
Good call on that fibs cluster!
We might get a daily bullish engulfing candle, which I assume would at least lead to some sideways (ranging) price action for the next few days. It could also mean that a bottom is in (although it likely needs testing after such a long movement downward - double bottom)
Right on @jamesbrown, thanks. So far so good, we could see a retest of the lows like you mentioned and if it holds we could see a reversal in the area. Thanks for pointing out the bullish engulfing candle on the daily, looks good.
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