Expecting a bearish reversal very soon here.
The higher time frame count suggests that we should see a sharp reversal lower as potential wave 3 or wave C.
But because we have a nice round base here, this could become a Cup and Handle pattern which is bullish!
In that case, we should see price retrace around half of this move up before reversing higher.
Key to understand what will happen will be to understand how the move lower will unfold,
choppy and overlapping taking a lot of time-> Bullish
sharp and quick -> Bearish.
The higher time frame count suggests that we should see a sharp reversal lower as potential wave 3 or wave C.
But because we have a nice round base here, this could become a Cup and Handle pattern which is bullish!
In that case, we should see price retrace around half of this move up before reversing higher.
Key to understand what will happen will be to understand how the move lower will unfold,
choppy and overlapping taking a lot of time-> Bullish
sharp and quick -> Bearish.
Note
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Note
We got a nice sharp drop that looks impulsive. We have 3 for now so could see a small consolidation till we get the NFP coming out after which we should see a fifth wave lower. Note
Still in wave 4 consolidation for now but might resolve lower soon after Powell's speeches Note
Wave 4 took a bit more time than expected but it's still valid.I would like a new low, even if briefly to consider a completed impulsive wave but it's not a bad idea to take some profits on your shorts even at current level.
Note
This one just keeps on giving as it continues going lower in what seems to be wave 3. Support could emerge around 19.05 or 18.90. Note
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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.
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.