Drawn all possible Fibonacci levels using the zigzag (40) on price as a guiding tool in defining various important highs and lows.
Strong Fibonacci confluence can be seen around the 1.6481-16486 level. This price zone becomes a strong price resistance for the day.
Price stalls at 16479 and eventually turns. Trade is entered on the turn of the repulse-zigzag indicator. Main profit target is 16400. Second profit target is 16345
Other confirming actions for a bearish trade position are
1. trade entry is below the 200EMA
2. trade entry is below sunday's pivot level.
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