as seen from the markup our teacup hits the teacup target exactly which is good news. but then again we broke very strong daily resistance and didnt even retest it on the daily . neither did we retest it on the 4h chart. as we all know price is magnetic and elastic.... the fall has began and we need ton retest 40795 or lower before a bullish run might be...
potential heads and shoulder on gbpusd on the weekly chart i would like to see it form fully.
and down to the the daily tf we see that the support 1.37990 held by forming a rail road track so its logical to expect price to push towards the 1.40000 zone. hence we look for bearish price action to follow the weekly head and shoulder.
point beign expect bullish action...
the butcoin has the last wave to ride on elliots wave count for the daily chat as we can see wave 4 which is a correction is on the verge of formin a wedge beyond this we ned a break out of wave 4 correction
50% fib pullback
this would be my entry its at resistance and has formed a daily bearish pinbar alongside a rrt on 4 hours... best to trade sell stop below cmp
we can see that gold ended the week in a bullish flag its only lohigal we place our orders in anticipation for breakout and proper risk management is advised.
SHORT TERM BEARISH AND LONG TERM BULLISH
FOREIGNBOY: I begin breakdown from the monthly timeframe
FOREIGNBOY: redlines are support an resisitance dnt fgt they are horizontal lines
FOREIGNBOY: on the monthly we can see all resistance and support and a threshold zone marked blue.....
Now We Look For Geometric Pattern On The Same Monthly Chart We Might Get...
