Below you can see that dashed RED TL is not the line I prefer.. It is too steep.. Will probably fake bulls to buy early once broken.. The real deal sits around the Cloned RED TL.. but a much better approach is to wait for attacks to the BLUE supporting TL which builds roughly the neckline of an inverted H&S.. (Just in case maybe it will be revisited!)
Therefore, I rely on the M5 chart I shared earlier because as you can see I studied first the H1 chart.. Now the H&S pattern on M5 chart makes more sense because I see support at 1.1570 area on H1 the chart which correlates with M5.
Worst case scenario for bulls would be it drops a little more and last resort would be to watch if 1.15540 area holds or not.. But again: that is only worst case for now!
Check 1: We are above 60 LWMA.. bullish..
Check 2: The 60 LWMA is sort of getting flat: careful. Means volatility is low and market can flow choppy and sideways!
Check 3: We are still above today’s LO price: 1.1579: bullish..