Hello guys!
Price just created a textbook fakeout above the resistance zone, grabbing liquidity and quickly dropping back into the range!
Here’s what the chart is showing:
Price is still inside the ascending channel, but the breakout attempt failed
The MPL (maximum pain level) around $162.30 is the key downside target
Two possible paths:
S1: Direct drop from here toward the MPL
S2: Another move up to retest the highs or form a lower high before the deeper drop
I think the S2 is more probable!
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