FX:EURCAD Euro Fx/Canadian Dollar
As predicted, The P5 has been confirmed followed by a consolidation and a what Mr Andrews called an IEP ( Inverted Expanding Pivot ) or Pennant formation, what is interesting to note with the obvious down spike at the end is that smart money played both the breakout traders on the short side and those who went long on a pullback after the top MLH was broken and who had close stops under either of the previous three minor lows before the down spike. A better play would be to wait for the manipulation to play out ie: to see if the spike down hits the backside of the MLH....which it did! This is very common and from here I would expect a big rejection at the MLH to the upside....which it did. It's been blue sky from then on!!