Weekly: In the extension phase of a trend to the downside.
Daily: A narrowing channel/range forming signifying a storage of energy to be released in one direction (assumed to be downside given the weekly bias). Market potentially waiting for the NFP before the next move.
Target would be the previous low which coincides with the fib extension 1.618 from the last swing high and and equal measured move.
Daily: A narrowing channel/range forming signifying a storage of energy to be released in one direction (assumed to be downside given the weekly bias). Market potentially waiting for the NFP before the next move.
Target would be the previous low which coincides with the fib extension 1.618 from the last swing high and and equal measured move.