Monthly
-Pound reach all time low $1.1940 back in Sept 2019, last time at this level was October 2016.
-If current momentum continue price push higher, this double bottom will probably be valid & solid.
-Now price has trending upward of 700+ pips and reach M1 supply zone.
Weekly
-W1 supply zone coincide with M1 supply zone.
Daily
-D1 supply zone also coincide...
Monthly
-Price move from Demand to Supply, bias is bullish
-Along the uptrend, a supply zone was tested and price manage to break above so indicate trend continuation
-Now price very close to supply zone and consolidated below, bull momentum is fading, may expect a trend reversal
Weekly
-Monthly supply zone coincide with Weekly, high probability for a reversal...
HTF chart for oil has been very bearish since the large gap up ($7+) due to attack on SA key oil facilities
Daily
-On the SA event, price gap up & went right into Supply zone and reverse
-Price has been very weak afterward as it didn't have meaningful retracement, basically drop and consolidate & continue sliding lower
-Last week price develop a fresh Supply...
Monthly
-Price move from Supply to Demand zone, bias is bearish
Weekly
-Previous weekly candle was engulf, indicate price may bounce higher
-But overall trend still bearish
Daily
-Strong bullish close on 02th Oct
-Price break classic S&R level $1.4560 and manage to stay above
-Deeper retracement was expected
Summary:
-Similar to EURUSD idea, bearish sentiment...
Possible short for SPX500 near 2781 area with uptrend line broken:
-fib 61.8 pullback
-key structure broken
-may form AB=CD pattern that complete near 2680 which are previous key sensitive area
Possible short for DXY near 100 key level which coincide with:
-top of Weekly Downtrend Channel
-key structure
-possible gap fill since Apr 2017
Short confirmation can based on Daily or Hourly reversal price action:
-pin bar formation
-bearish engulfing candle
-double top
-breakdown of previous low/support
-bearish harmonic pattern
Current price seem to move in...
