On the 4H chart, the current decline looks like a five-leg downside impulse. Moves like this often end with a final push into a key Fibonacci extension area, followed by an initial reaction attempt.
My primary focus is the 261.8% Fibonacci extension zone marked on the chart. This is the first area where I would expect a potential stabilization and bounce attempt, but only after confirmation.
A secondary extension level is located around 84,856. Whether price reaches it or reacts earlier is still unclear. I treat it as the next logical downside area if the 261.8% zone fails to hold.
For confirmation, I want to see price react at the 261.8% zone, hold or reclaim it, and then break above the descending trendline that is currently acting as resistance. A trendline break after the zone test would be a stronger sign that bearish momentum is fading.
If price accepts below the 261.8% zone on the 4H timeframe, the bounce scenario weakens and the probability of continuation toward the 84,856 area increases.
Not financial advice. This is a scenario-based idea and I’m waiting for confirmation rather than trying to pick the exact bottom.
