By having a positive divergence happened and R to S conversion process we are observing a reversal on the daily TF. As follows, we would be having a growth if the internal down sloping trend line is broken above.
On the H4 TF, in the conversion level area we are observing an Invab=cd harmonic pattern while having a negative divergence formed. Based on the slow correction move till Feb 28th its time will be fulfilled and if the supply persists as well, we will be awaiting a drop by the price.
The price is going down in an ascending trend and on the other hand by having a harmonic pattern formed and happening a conversion process, a reversal is on sight. So, if the supply increases in the market, we expect to have the price dropped by the way.
The observation calls for an Ab=cd harmonic pattern on the H4 TF. If the supply pressure remains strong enough in the market, we would be expecting a drop to the bottom of the channel.
A harmonic pattern on the upper line of the channel is being observed. If the supply pressure exists in the market and having the bullish channel low broken, we are expecting the price to drop as low as channel bottom.