Now you might say, jgj, isn't there a really bearish pinbar on the daily right now? Yes, there is, but given that we have:
1) A bullish pinbar on the monthly
2) A break of the downtrend (even if it didn't close above it)
3) An inverse head and shoulders on the 4 hr 0.22%
4) A potential subwave 3 (blue line) in play on the reversal
I believe we are bullish now. This symmetrical triangle you see drawn with the blue and red line is crucial and I'm glad it has come so soon. We will see the the clear trend in the next few days, if not today. Something tells me though that when this monthly candle officially closes, we will see a pump.
Monthly pin bar:
1) A bullish pinbar on the monthly
2) A break of the downtrend (even if it didn't close above it)
3) An inverse head and shoulders on the 4 hr 0.22%
4) A potential subwave 3 (blue line) in play on the reversal
I believe we are bullish now. This symmetrical triangle you see drawn with the blue and red line is crucial and I'm glad it has come so soon. We will see the the clear trend in the next few days, if not today. Something tells me though that when this monthly candle officially closes, we will see a pump.
Monthly pin bar: