Deltacorp
Yes, it is 2nd attempt.In forst attempt, it turned back from 38% retracement levels.
But has lot of resistances .
First it has to cross and close above 241 . That is top of previous ED bar ( effort to pull down candle) and at the same time that coincides with upper end of recent rising channel.
2nd , once it crosses that hurdle, then it has to cross the next few ED bars ( in blue circle)
3rd , currently it is touching upper end of weekly BB .That might act as a hurdle.
4th interesting point is that recent decline was a 5 wave decline , hence it might be doing a zig zag correction i.e it might bounce a bit and then it may come down again to complete its last leg of zig zag correction.
In summary, even if it moves upwards -the journey may not be smooth.
Weekly Chart
Disclaimer :This post is just a for learning a method. No buy/sell recommendations. These are probability study methods and chances of success depend upon various factors.
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