will try and break it down from what i see:
- red line 200 day Moving Average (MA200) ... it is a line that must be respected e.g. you will see previously when it touched that line, it went down (the same also applies to/as support when the SP is above it) ... it very often fails the 1st test of that line
- it is getting close to a 50% Fib retrace for the overarching downtrend (between 50-61 fib retracement is always difficult area to navigate in general)
- 2 VWAP lines: 1) The one is the VWAP line from when the overarching downtrend started and 2) the other line is the upper 1st deviation line of the 2nd downtrend within the bigger downtrend (trace these lines back to their origin) ... both of these lines offer invisible resistance and are used more often by institutional traders
- of course the volume cluster + the candle structure offers resistance and I have explained this before on the forum;
- then lastly I read up over the weekend about Elliot waves and thought I might apply my interpretation to the chart to see whether it aligns (lol ... no expert in Elliot and surfing the waves, so I might be off on that) ... but it seems Elliot wave C ends at 1.618 (as per the chart) and then a retracement "should" start (f* knows whether I got the wave count right) ... but it seems to somewhat align to what wave master GF suggested in his post
Chart - Z1P, page-16534
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