Looking back at the bigger picture of this break-out, there could be two additional targets for the price to go lower.
Looking closely, the formation of another rising wedge ( ) over the last two weeks with Stochastic indicating an already overbought condition. Resistance should be around the 0.74950 mark although there is also an advanced pattern completion a bit higher than this, I would not be surprised if price gets to 0.75400-ish before it goes South.
Intermediate and Max targets are set using the bigger structure patterns. The longterm trendline acts as resistance (blue dash line) while the pip count goes off the roof.
I trust you this should be a longer term trade, quite possible but still to be closely monitored for changes.
Let me know what you think about this.
Comment
⋅
First target reached :)
I hope you guys had a good run.
We expect a retracement back to the 0.7300's and re-evaluate the situation to monitor if there is a possible trend reversal signal or we should stay short.
I would not be surprised if there is a false break-out to 0.75433 tag (possible Cypher completion) prior to short breakout.
Lets see how it plays out.