Break below the support 3rd arrow is a continued sell. But we expect a rejection since its a third touch at the 61.8% fib level and also it is support. The area is just above the 50SMA on daily T.F making it an area of intrest. This downward movement is a correction of the overall bullish trend. Therefore we are still in buys until the second supporting trendline...
After the 7 day straight bullish momentum the Nas100 is bound to take a longer pullback. Using the fibonacci retracement tool prices are likely to retrace until 61.8% fib level before resuming buying momentum. So long as the overall supporting trendline and the supporting trend in trendline is not broken.
The Fibonacci retracement is at the 61.8% level, also there is the supporting trendline at the same fib level, which also is a key level. The 22EMA on the 4hr chart has just crossed above the 50SMA with the candles sticks above both MA. The zone is has shown a rejection candle on the higher time frame weekly. The same zone has formed a right shoulder on the fib...
Gold on the monthly chart has formed a cup and handle market parttern. With monthly RSI & MACD possitive for possible bullish momentum. This week sells might be the retest on the handle before continuation to the upside (weekly chart).
This is a simple forecast for the GBPUSD. This shows the correction from the elliot wave impulse movement. For the correction to be completed the market must reach C.
