Ark: Breakout Ends Correction
Price broke above the corrective structure it was moving into and is now pulling back most likely to test the broken downtrend. Having measured the impulse which broke above the downtrend, using fibonacci we may see that the 0.786 fib retracement stands at a level where price may test the broken level, adding great confluence. A bullish divergence adds also to our bullish context, indicating the end of the downtrend.
Sl and tp as shown in the chart. In case price reaches the first tp we better move sl at breakeven at second position.
All the best,
John
Sl and tp as shown in the chart. In case price reaches the first tp we better move sl at breakeven at second position.
All the best,
John
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