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Let's look at the chart here in the image (Weekly chart) , where i drawed the purple lines , we see that the price falled down (first line) wich created the first impulsion of this down move, then the price did a nice correction and hit the 61.8% Fib's level (second line) wich is a strong level for reversal and fall down again to do the seconde impulsion as shown in the image.
After the breakout, the price entered in range where i drawed the big rectangle , So let's see what happened there in …