This is an update on the short idea published a few weeks ago. Time to close if that hasn't already been done. At least one week move retracement is what I expect to 6.0525 but may go as far up as 6.4550. Will enter prospective shorts again at those levels.
Whatever Erdogan and Turkey are planning to say or do, I hope they do it soon because we need some volatility else the ranging is eating into the zones of my projected targets as the SMA's are moving up, the Lira has a lot of strengthening still in the tank.
First wave of parabolic advance came to an end and it retraced 50% if the advance is dead then that is hardly sufficient, upto 80% should be expected. I suspect we are about to see the second wave, the next target would double the peak so around $600, that though may take longer. Right now for me long to 240-260 is a safe bet... breach of peak all hell breaks lose...
First phase, the EURAUD short is the beginning of a longterm bear trend in my view. This provides the first entry and TP.
This is the pattern I see that keeps nagging on my mind. Markets don't provide perfect symmetry as I have immaculately illustrated here, but this narrative falls in line as well with my DXY short hypothesis link ()
My interest just got piqued with all the noise about weed stock online and I thought to look at it, and loe and behold, they are on parabolic advances. Canopy Growth alone has appreciated 2565% since July 2016 to it's last peak price 5 days ago. Right now the next target (50% of the advance is 70) before it dips a little and then heading for the real prize which...
Just shows optimal entry position, this is at the very least a 1 week move, could be longer.
EM pairs TRY, ZAR are strengthening in what I perceive as a few weeks or days of a correction. Today is a good day to make optimal short entries.
I think there is a bearish cypher. Fundamentals point to a strengthening dollar not a weakening one. But regardless of how I try to ignore I just keep seeing bearish formations, I skip the boat when the DXY strengthens but always with skepticism my long USD trades are anything but intra week holds and that has been the case twice. Breaks below 93 this will get...