Break and retest of falling wedge pattern, anticipating reaction towards downside
No directional bias, anticipating break and retest before taking position accordingly
- Looking for corrective move towards daily dynamic support - Will take longs accordingly
- Clear bearish channel - Overall bearish market sentiment - Rejecting 61.8 Fib level - Looking for short opportunity
Clearly respecting dynamic support Bullish market structure, higher highs and higher lows Wick rejection of 61.8 Fibonacci level, indicates potential impulsive move to upside Anticipating push towards Fib extension based target of 91.64, 1:5RR with 2% risk
- Clear head and shoulders formation indicating transfer of momentum to the downside
- Price forming rising wedge, anticipating breakdown following recent rallies - Double top formation indicating failure to produce fresh highs, anticipating reversal of market bias to bearish - Will be taking double entry, first target to take partials at 1.4 and second at 1.38, 1:4RR and 1:12RR
Forming pennant structure, no directional bias just yet, awaiting break in either direction before taking trade position accordingly