As we expected, the triangle has just broken at 61.8% retracement of the initial broke. Now, we are waiting for a bit of pullback and can open a long (grey area near the triangle). XAU also shows the same pattern.
EURUSD broke a triangle and completed ABCD pattern. The setup provides us a nice reward-ratio - that is all it matters.
Yesterday, there was a huge sell-off, as expected. But the price is turning into a reverse head and shoulders pattern - which is a powerful reversal sign. As we use 30min chart, we don't expect to be a huge buying activity, though.
The price is forming a rising wedge seen in a bear market. But we are waiting for a breakout to reduce the risk.
A huge sell-off took place yesterday due to the trade-war announcement. This provides us a correction time, as the price is extremely overbought. We could enter a spot price, as the fibo level is around 32.8%. Or we could wait for a breakout, as it might retrace back a little more. The good things is this gives us a nice risk-and-reward ratio. If you want, you...
The price is no longer higher highs, and broke the trend-line, which we see it as a head and shoulders pattern. Currently, it is retesting. So, we are likely to see a further decline.
Although, we were expecting a reversal, the price action illustrated the continuation sign/ flag pattern.
The price is at the bottom of a descending channel. Good time to buy, as it showed a big reversal candle.
The price has just completed the ABCD pattern, and stopped around the weekly support. Wait for a breakout and buy.
The price has reached its potential reversal level. Yet, it should show some signs.
There are two reasons why I believe, the price will go down. Firstly, 2nd quarter of the US economy was strong. Also, according to the client sentiment, 31% of retail trader is short and the rest is long, a bearish contrarian indicator. But we should wait for a FOMC Rate Decision.
In my previous US30 analysis, we identified the resistance level successfully. But I didn't expect it would penetrate the trend-line. I believe, the price is currently retesting, and retraced back around 38.2% fib. As a tension between China and the US escalates, it can go further.