Why I assume it won't breakout for a while, atleast for not this week
1. H1 charts shows that the downtrend is over extended, it has moved 4 waves to the downside.
2. H4 divergence on the stochastic.
I assume the market will consolidate for a while
However the CoT report from CFTC released last week shows the Non- Commercial(Hedge Funds) are LONG on Yen and are closing their SHORTS. Therefore I assume that the market will continue to the downside, may be next week. But still I am waiting for CoT report which is going to come this week for added confirmation.
(Note: The report on the chart is from Commodity Futures Trading Commission)
Please let me know what you guys think.
Thanks for reading this. Happy Trading
1. H1 charts shows that the downtrend is over extended, it has moved 4 waves to the downside.
2. H4 divergence on the stochastic.
I assume the market will consolidate for a while
However the CoT report from CFTC released last week shows the Non- Commercial(Hedge Funds) are LONG on Yen and are closing their SHORTS. Therefore I assume that the market will continue to the downside, may be next week. But still I am waiting for CoT report which is going to come this week for added confirmation.
(Note: The report on the chart is from Commodity Futures Trading Commission)
Please let me know what you guys think.
Thanks for reading this. Happy Trading
Note
Market moved as assumed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.