We’re seeing a potential long setup form on the lower time frame. Price action recently faced a clean rejection at the channel resistance and is now making its way down toward a critical support zone.
Price is approaching the value area low, which lines up perfectly with the point of control (POC) and the 0.618 Fibonacci retracement — a strong confluence zone.
If this area holds and shows a bullish reaction, we could see a reversal play out, potentially pushing price back toward the range highs and filling the recent liquidity gap.
However, if the POC is lost, it increases the chances of a full rotation down toward the value area low of the range, so risk management is essential.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.