CADJPY SHORT - SUPPLY, ELLIOTT WAVE, RSI, PITCHFORK
BACKGROUND
We are at a supply order block which caused a break of structure. There is plenty of Asia-low liquidity waiting for us below. All the imbalances have been filled as well.
So, the immediate bias is to look for a drop in price.
SUPPORTING EVIDENCE
1. We can see a 5 wave Elliott wave forming. Very frequently, wave 1 is equal to wave 5.
2. We can see a clear simple RSI bearish divergence.
We are at a supply order block which caused a break of structure. There is plenty of Asia-low liquidity waiting for us below. All the imbalances have been filled as well.
So, the immediate bias is to look for a drop in price.
SUPPORTING EVIDENCE
1. We can see a 5 wave Elliott wave forming. Very frequently, wave 1 is equal to wave 5.
2. We can see a clear simple RSI bearish divergence.
Comment:
Target the median line of the pitchfork
Comment:
Wyckoff distribution