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GBPCHF has entered a significant wedge pattern. Twice off the top and twice off the bottom. Price is hovering around the 50MAV after breaking a minor 4 day consolidation. The last swing to the downside was 16 candles. The current is 7 candles. Net equation would say in the next 7-9 daily candles, the pair may again test the supporting trendline. Momentum...

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On chart reasons. Looking for a long , as we have re entered the consolidation.

Umlingo Updated 

On the Hourly Chart, Crude Oil may be making an Inverted Cup and Handle. This is a bearish continuation pattern. Look for a break to the downside of the handle to go short.

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So let's look at this index swing pattern for 2024. 1. Swing Low - Jan 5 at 4667. 2. Swing High - March 29 at 5284. Duration 30 bars and 84 days. 3. Swing Low - April 18 at 4903. Duration 7 bars and 20 days. Fibonacci 618 retracement. 4. Swing High - July 15 at 5674. Duration 31 bars and 88 days. Next Move 5. Projected Swing Low - If we apply an 8 bar...

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WTI is in the midst of a Symmetrical Pennant, being the 6th Leg. If the pattern plays out, we can expect Crude Oil to be in a range between the 786 and 886 Fibonacci retracement. That is a price of 74.18 - 75.42. Of interest will be the break 1. Downside break will see targets of 68 and 63. 2. Upside break will have 84, 88, 96. For the next 2 weeks, the...

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USDCAD has recently broken a Rectangular Consolidation to the upside, which is a sign o continuation of the bullish uptrend. As price is in the OS RSI, looking for a pullback early next week from structural resistance to retest the Rectangle and to move on. A measured move of the Rectangle sets the price target for 140.

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The AUDUSD is in a multi-year Symmetrical Triangle, which commenced in October 22. Wave - There have been two waves up and two waves down. Both waves down have been 886 Fibonacci retracements. In mid- July 2024 a false break took place and price has re-entered this consolidation. Volatility - The selling pressure has been intense, with price free falling...

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There is a high probability that USTEC will correct to downside further, into the coming week. Momentum is significantly bearish, moving from an OB zone for the ATH , creating Bearish Divergence , now heading steeply lower. The RSI has tested 30 on the last correction of April 24. It is likely a similar occurrence will take place next week. Price is...

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Gold is on the 5th Leg of this expanding wedge which commenced from April 12th 2024. Price has tested the 50 MAV and is holding presently above 2365 , which is also the 618 Fibonacci retracement of the prior leg. Momentum is to the downside printing 47 currently. There is room to move further down , maybe in 5 waves. The target would be the confluence of...

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The FTSE 100 has made a break to the downside today of a long- standing Rectangular Consolidation (40 bars). If the break holds, then we have a Bearish Continuation, and the gleaming target is the 200MAV below at 7935.

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Its decision time for this index. Price is sitting right at the supporting trendline and is confluent to the 200 MAV at 4775. A consistent break here, and we start to look at possible Fibonacci levels of support The .382 fib level at 4697 is a natural target for any further corrective movement. Momentum is to the downside with RSI printing 37 on the daily....

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EURUSD is in an intraday Descending Triangle. Given that price has entered this consolidation from above, this may be a continuation pattern. There have been 2 false breaks (liquidity washouts) so far , considering a short from current position to the supporting trendline below. Conservative RR.

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CHFJPY in the midst of an ABC movement which is nearing completion. Reasons 1. Measured move has been tested at 173.20 2. Significant Outside Return is at 172.65 3. Fibonacci retracement of the larger bullish impulse finds the .618 at 172.20 4. Momentum is in OS zone. There may be further downside, but the RR on this timeframe is 1 at best.

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ASX200 is in a Bullish Flag configuration, as this equity index (as with many others) is in a corrective mode. Within this pattern, a Harmonic may also be in the making. Specifically, a Cypher Pattern with a 1.41 extension. Keeping a watch on this index for a move towards 7825-7850. In a larger scheme, this move is simply a retest of a HTF breakout. If...

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The Aussie has moved off a triple bottom from Aug 2023 to Feb 2024. We can see an impulsive movement from 56 to 61. A chart may be seen as a recent double top or the formation of a H&S . Furthermore, a Harmonic Bat Pattern may be in play. The target is the .886 retracement of X-A , which sees price back into the prior consolidation range. Momentum is bearish...

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There may be a H&S forming on this pair on the intraday chart. On chart is a suggestion for a short trade from the neckline break. Go to lower time frame ie 15 min and check for confirmation of the shorting opportunity. RR = 1.6

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This pair has formed and Inverted CUP & HANDLE pattern. In the context of a downtrend, it is continuation pattern. To look at the projected target , consider the measured move. Wait for confirmation of a downside break of the handle, before considering a short trade.

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EURJPY at 170 is a Key Level and Decision Point for Price Action. We can see the last major Swing High was on 15th November 2023 at 164.20 , and Swing Low recorded on 7th December 2023 at 153. Since then price has rallied in an ascending channel to 175.50. The supporting trendline has been tested on multiple occasions, the 6th being last Thursday testing...