short is expected
The most important lines:
Green, Red, and Yellow lines.
As it’s briefly explained on the chart, all these important lines are acting as resistance and we should expect a downtrend journey for a while, hopefully.
Take into account that the red line is the previous high and also 1.27 fib retracement of the wave AB, marked on the chart.
The second scenario would be activated the price can break the circle zone shown on the chart.
Confirmation from 4H timeframe.