As per given trend, and current FIB Retracements it seems the pair will be bearish for correction.
TP plans given. Choose your lot size and risk % wisely.
Strong bullish rally based on:
RSI indicator following the trend,
appearance of bullish hammer at bottom
a series of higher highs and higher lows indicates
Trend line retesting and its apparent significance.
It may rally up to the fib resistance level of 23.6%.
Strong significance of Fibonacci retracement support level.
Appearance of inverted hammer at bottom.
Appearance of green candles after inverted hammer,
Bearish Trend line broken.
All this indicates bullish trend initiation.
Awaiting dow theory validity for trading.
Possible trend reversal. Appearance of bullish hammer. Testing of Fibonacci retracement support and bounce back.
However, further monitoring required for dow theory validity.
The upper channel seems to be gaining significance and is being tested at four points.
The pair can be traded long as long as the lower trend does not break.
Appearance of Bearish BAT pattern and formation of red candle at peak suggests trend reversal.
however, the parallel channel is not broken yet, hence should wait for at least 2 days before short selling this stock in case the parallel channel breaks.
Formation of XABCD pattern, and AB=CD pattern, followed by green canldes after D-point, suggest a bullish trend. TP can be set at resistance level of 0.786 OF FIB retracement.
Appearance of piercing top candle at C-point, and using AB=CD pattern, this is safe to assume that the price will further fall, and should fall till D-point before trend is reversed.
for now, short selling is recommended
