Have we broken the trend ?
Updated
So i read Andy Constan tweeted his short position on euro yesterday. Before i go in with my money should do my own analysis. Dude is a legend of course but i will have to stick to my rules and do the due diligence.
On weekly chart here. Clearly see the downtrend is broken. Currently back testing the upper line of channel. If we make a new local high i will be very confident that trend has changed.
But it could be a liquidity trap and we are going down in the near future as this EV count suggests so. A WXY in progress.
The Zigzag as W
A leading Diagonal as an A of a zigzag but 5th failed to make a lower low. Truncation in diagonals are more common than impulses.
B was spot on .50 of lowest point of A ( Zigzag Guideline Met)
C of the zigzag was sharp and quick ( Alteration is present)
The X wave as a connector was
A as a Diagonal
B as a WXY
C a 5 wave Impluse to end the Expanded Flat correction very near to 1.618 of A
Y is in progress.
Its looking more like a flat at the moment but we have to see how it unfolds.
RSI at .50 in a downtrend looks good for a short.
MACD is below the Zero line and moving averages are contracted also suggests a good entry.
Bollinger Bands showing price been travelling up and down between median and lower line since june 2021. I think its due for a major expansion soon.
No Investment Advice.
On weekly chart here. Clearly see the downtrend is broken. Currently back testing the upper line of channel. If we make a new local high i will be very confident that trend has changed.
But it could be a liquidity trap and we are going down in the near future as this EV count suggests so. A WXY in progress.
The Zigzag as W
A leading Diagonal as an A of a zigzag but 5th failed to make a lower low. Truncation in diagonals are more common than impulses.
B was spot on .50 of lowest point of A ( Zigzag Guideline Met)
C of the zigzag was sharp and quick ( Alteration is present)
The X wave as a connector was
A as a Diagonal
B as a WXY
C a 5 wave Impluse to end the Expanded Flat correction very near to 1.618 of A
Y is in progress.
Its looking more like a flat at the moment but we have to see how it unfolds.
RSI at .50 in a downtrend looks good for a short.
MACD is below the Zero line and moving averages are contracted also suggests a good entry.
Bollinger Bands showing price been travelling up and down between median and lower line since june 2021. I think its due for a major expansion soon.
No Investment Advice.
Note
Think about short at the 13 level. We could be stuck in that green rectangle for a while
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