Over extended on the channel. GDP q/q news came out negative, due to corona virus impacts on the economy.
See monthly chart below.
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Left side Monthly Chart. Strong Bearish Channel. Price has been respecting it and only retraced due to measured target move complete, with a lot of profit taking after an extended move down. We SHOULD see downward pressue come in and reject the break of this channel as we come down muc hfurther down into the next measured move that i drew out at the 0.4420 area.
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If doesn't break below in the short term, then i'm looking for a double top structure here.
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Care for these 2 moves (Left and Right)
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Strong 15 min bearish close and a decent sell
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Top of trading range aswell so should see some shorts enter on the failed breakout of the trading range.
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Strong 15 min bar. Reasonable short.
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More follow through and i like the chances of short here :)
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Broke below a wedge structure. Looking for follow through. Have to head out of the house. Look out for both sides of the equation from both bull and bear perspective. Goodbye for now fellow traders.
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Here's the next moves that i see. Rejection on the monthly, bearish trendline/channel.
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Goodnight everyone, i will personally be holding my position short.
All the best. There's another opportunity after this next correction ends. (Wave 2)
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Update: The train is moving along accordingly.
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It was an extended Wave 2 correction which coincides as a double top as shown on the right side (60 min chart)
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Friends, if you liked this analysis, please like and follow me for more chart ideas. <3 Thanks a lot!
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Pullback coinciding with 3rd push up on a transitional triangle. A lot of movement downwards. EXPECTING a breakout below.
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Potential Reversal Zone
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Good possible short. Needs follow through shorting
@Ajverse1, Hahha. Glad you entered. Get ready to hop on the train :) Make sure you have your ticket and get on the next impulse down
hyryda
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@Ajverse1, above is my last update before i sleep for the night. Goodnight my new friend :)
Ajverse1
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The waiting game🤣
Now I think it will be a double top. Maybe we will have to come back three years later to find out what happened.
Ajverse1
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I'm waiting for a short too. I think it's gonna double top right now. I've been amazed at this big increase. I noticed the eur/usd also on a bullish trend too.
hyryda
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@Ajverse1, Fantastic!! Yes there's a possibility of the double top too!
I've been amazed at the increase too. I was considering the pullback much earlier but the bulls just kept driving it up! I think it was due to profit taking mainly.
To me the monthly shows the bearish channel which it all now makes sense to me (the incredible rise in price).
If you don't mind, i would love to see your chart of AUDUSD :)
Thanks for commenting friend! All the best to us.
Ajverse1
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@Ajverse1, I'm in a small short position and get some more if it goes up a little more.