ALGO is approaching a strong support 0.6 - 0.7 so we will be looking for buy setups.
on DAILY: ALGO is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => For the bulls to take over from a long-term perspective, we need a break above the upper brown trendline and 1.0 - 1.1 resistance zone.
Meanwhile, we will be looking for buy setups on lower timeframes.
Unless ALGO breaks the 0.6 - 0.7 support downward, then a movement till the lower support 0.2 - 0.3 would be expected where we will be looking for new buy setups.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
