B/C Correction Down To July Highs??? - GU
Updated
Here I have GBP/USD on the 4Hr Chart!
Friday gave us a STRONG break through this Area that acted as Support getting Price to its High @ 1.32664 but soon after we see price melt!
I suspect we are looking at a Correction Wave where Price gave us a Lower Low (Point A) @ 1.31672 which Broke Structure, followed by a Lower High (Point B) @ 1.32271 Confirming Downtrend. Based on the Fib Extension Tool, we are given a Range Target of 1.30666 - 1.30287 around the High's of July!
Now with Friday's new Lower Low @ 1.31095, I would like to see Price make a Retracement to the once Support-Turned-Resistance Zone for some potential Selling opportunities!
If we take the Fib Retracement Tool from Friday's Low @ 1.31095 to Friday's High @ 1.31998, We see the Fib Entry Zone lands precisely in the Middle of our Resistance Zone!
*Fib Entry Zone - [ 1.31547 - 1.31697 ]
*Golden Zone - [ 1.31600 - 1.31653 ]
Indicators:
-DSR curving down & Price Trading Below
-RSI Below 50
-BBTrend showing Bulls losing strength
Friday gave us a STRONG break through this Area that acted as Support getting Price to its High @ 1.32664 but soon after we see price melt!
I suspect we are looking at a Correction Wave where Price gave us a Lower Low (Point A) @ 1.31672 which Broke Structure, followed by a Lower High (Point B) @ 1.32271 Confirming Downtrend. Based on the Fib Extension Tool, we are given a Range Target of 1.30666 - 1.30287 around the High's of July!
Now with Friday's new Lower Low @ 1.31095, I would like to see Price make a Retracement to the once Support-Turned-Resistance Zone for some potential Selling opportunities!
If we take the Fib Retracement Tool from Friday's Low @ 1.31095 to Friday's High @ 1.31998, We see the Fib Entry Zone lands precisely in the Middle of our Resistance Zone!
*Fib Entry Zone - [ 1.31547 - 1.31697 ]
*Golden Zone - [ 1.31600 - 1.31653 ]
Indicators:
-DSR curving down & Price Trading Below
-RSI Below 50
-BBTrend showing Bulls losing strength
Note
The Correction started as a Strong Reversal! Head and Shoulders Pattern!
Trade active
Price has Pulled Back to the 38.2% level and is having struggles pushing Higher!!
Sell Entry @ 1.3150
SL @ 1.3190
Trade active
Price made a Pullback to the 50% Fib Level @ 1.31549!
Added Sell Entries @ 1.3154
SL @ 1.3190
Trade active
Price has given a Bearish Break to the Ascending Channel it was in and tested the Break not only Validating the Continuation Pattern but Confirming the successful Break!
Trade active
Price has descended nicely after throwing out the Bear Flag Pattern!
Once Price Breaks this Level to create Lower Lows, we will see it reach the Range Target for a Take Profit!
Trade active
Death Cross Incoming!
This will bring some heavy pressure down on Price and any rise now will have to contend with the Bearish curved 200 EMA and DSR
Trade active
Price made a 2nd attempt at testing the Break of the Ascending Channel & pulled back to the 38.2% Level!
Final Manufacturing PMI @ 8:45am CST
ISM Manufacturing PMI / Prices & Construction Spending @ 9am CST
Trade active
USD
Final Manu. PMI - 47.9 Actual v. 48.1 Forecast/48 Previous
ISM Manufacturing PMI - 47.2 Actual v. 47.5 Forecast/46.8 Previous
ISM Manufacturing Prives - 54 Actual v. 52.1 Forecast/52.9 Previous
USD got the strength it needed from Manu. PMI's!
Trade active
Price has found some Minor Support making a Low after breaking through the Support-Turned-Resistance Zone!
Looking for Price to make a 50% Pullback to test the Resistance Zone and Fill the FVG!
Trade active
Price made the 50% Retracement to 1.3116 and filled the FVG!
Sell Entry @ 1.3116
SL @ 1.3150
Trade closed manually
With JOLTS @ 9am CST and BOC making there decision on Cutting Rates. This could make the markets move unpredictably.
Closing all trades!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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