XAUUSD looking for a deeper retracement? 🦐

GOLD on the daily chart is providing us a deeper retracement outlook
The price after the recent top is testing the 0.618. Fibonacci level and the long wicks of the last weekly candle make me consider a test of the 0.786 Fibonacci level over the support area can happen.

How can i approach this scenario?

I will wait for the European market open and check for a possible break of the weekly structure.
In that case, i will move on the 4h chart and check for a possible short order according to the Plancton's strategy rules.

--––
Follow the Shrimp 🦐

Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.


Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger

ความคิดเห็น:

lower low and break below the 0.618 as expected

ความคิดเห็น:

price reached a first support area, possible retracement to the upside from here