Dislikedbeeb, based in your blue fork, price made a lower low, and found support in the warning line of the red fork.
This is an Andrew's pitchfork in m30.
It seems to me that downside waves are becoming weaker.
However, I'm targeting 1625, based in my H1 chart.Ignored
It's not so much where the spike down went to but where resistance now kicks in that I'm looking at. On that timeframe from a bullish perspective I would not like to see resistance below 1650ish.......
beeb
EDIT - to indicate whether the move was a flush or a breach........
EDIT 2 - as the 1650 area did not provide resistance on the way back up I'm now looking to see if it again provides support. If so then we have seen a typical flush to blow out stops. If the support levels come in somewhat lower than 1650 and the highs in the fork are not maintained then we have a lowering of price in the fork and bearish context. If support and resistance are maintained or move higher in the fork then a bullish context remains.....