4 Hour Time Frame:

Confluences

Head and Shoulders Formation

Right Shoulder respected the 38.20% Fib level.

Price action broke the inner trend line.

Down trend Channel.

Currently looking for price action to break and retest the outer trend line. Will be looking for a short entry upon the continuation of trend line.

The Conclusion
Will Price action break or bounce from the 200 EMA then head lower to daily sup 92.50?

Trend Analysis

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