The story so far....
On the weekly, we've rebounded off of the Monday 29th July candle's FVG. In respecting this FVG, we're also countering the effect of the Monday 5th of August bullish reversal candle. From the rebound back, up to retest resistance, we've resisted and no longer respecting the trendline. We're also trading under the 200 EMA and possible market target is to sweep liquidity and test support on the 5th August candle (141.682).
On the Daily chart, although Fridays candle was bearish, it still remained above Thursday's bullish candle and the weekly pivot (145.394). So there's a possibility that we could retest resistance (previous weekly pivot 149.377) and if we're successful, then expect the market to move up to 151.815 or 154.206 ranges. If we break below last week's pivot (145.394) then we could see the market headed down to 136.863 or 129.122 range over the next fortnight.
RSI and RTI (Relative Trend Index) is showing the market as oversold HOWEVER, I also use an excellent indicator, free on TV called the Mean Reversion Channel. It is excellent at showing overbought and oversold for ALL chart time frames. It's one of TV's hidden gems. Just do a search on YouTube for help using it.
On the weekly, this indicator is showing that we're coming down from the overbought channel and now at the central pivot. It HAS to come down. We may go up a little and we may consolidate but this market WILL come down to lower ranges of the oversold channel, which just happens to put that at the Elliot Wave, point C finish.
Please note, this is not financial advice.
On the Daily chart, although Fridays candle was bearish, it still remained above Thursday's bullish candle and the weekly pivot (145.394). So there's a possibility that we could retest resistance (previous weekly pivot 149.377) and if we're successful, then expect the market to move up to 151.815 or 154.206 ranges. If we break below last week's pivot (145.394) then we could see the market headed down to 136.863 or 129.122 range over the next fortnight.
RSI and RTI (Relative Trend Index) is showing the market as oversold HOWEVER, I also use an excellent indicator, free on TV called the Mean Reversion Channel. It is excellent at showing overbought and oversold for ALL chart time frames. It's one of TV's hidden gems. Just do a search on YouTube for help using it.
On the weekly, this indicator is showing that we're coming down from the overbought channel and now at the central pivot. It HAS to come down. We may go up a little and we may consolidate but this market WILL come down to lower ranges of the oversold channel, which just happens to put that at the Elliot Wave, point C finish.
Please note, this is not financial advice.
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