The Day chart shows price is approaching triple bullish PRZ (Potential Reversal zone). This behaves like a magnet AND a very important support zone.
- The initial test of the PRZ (21.812 to 20.654) could bounce into resistance
- A shallow bounce implies an attempt to test all levels inside the zone
- A shallow bounce on this daily timeframe can be days or even weeks to the upside on a smaller timeframe such as an hour or less
- The ideal minimum retracement target of the largest pattern (Bullish Bat) is approximately a 100% retracement of the smallest pattern (Bullish Crab), around 35.620
- If price does break down and hold below 20.654, there is a PRZ target 13.005 with a scaling point of 18.125
- However, failure to find some buying strength for a respectable retracement from a triple bullish pattern makes a huge statement for the bears