With the weekly candle closing in about an hour from now, I'm beginning to fear that we will see more bearish activity between this pair in the upcoming weeks/months.
Last week we saw price break out of an ascending triangle chart pattern which was then followed by a break from its previous structure (Wave A) This week, we went on to see the Retracement of Wave B form that that has now become the retest of that previous structure.
If price does not manage to break back about its previous support, which has now become resistance, then I believe we will begin to see the formation of wave C this week coming.
Also, for a more detailed analysis on Elliot waves, check out the link connected!
This chart reflects where I entered which was where the bearish dojo candlestick closer. Still currently over a 5:1 R/R ratio
Last week we saw price break out of an ascending triangle chart pattern which was then followed by a break from its previous structure (Wave A) This week, we went on to see the Retracement of Wave B form that that has now become the retest of that previous structure.
If price does not manage to break back about its previous support, which has now become resistance, then I believe we will begin to see the formation of wave C this week coming.
Also, for a more detailed analysis on Elliot waves, check out the link connected!
This chart reflects where I entered which was where the bearish dojo candlestick closer. Still currently over a 5:1 R/R ratio
