Kumowizard

Nice correction, maybe reversal later, but watch out haDelta!

FX:EURNOK   Euro Fx/Norwegian Krone
59 0 4
Weekly:
- Ichimoku setup is still bullish with lower support around 9,00 and 8,80.
- Heikin Ashi shows a correction has started this week. This correction may extend to 9,00 +/- area in coming weeks

Daily:
- Looks like a trend break. Also looks like a possible bearish reversal is taking place and firming BUT...
- ... but Ichimoku setup is still just neutral, with Price in the Kumo. Even if Price makes an initial attempt to break lower, that will be likely followed by a spike back to Kumo. Or the other case is that the momentum starts to slow down a bit here ard 9,10-9,20 area, we see a pull back up to 9,30-9,40 supp/res, then on next try it breaks below 9,15 and tgts 9,00.
- Watch out for smoothed haDelta! It has made an extreme low., and it has a negative divergence compared to price. This strong bearish momentum is not sustainable short term. Maybe reduce, hedge some of your counter shorts, or sell short dated (2 weeks) covered puts @ 9,00 or 9,05 strike to pick up some extra premium.

I think most likely we will see some consolidation here ard 100 day WMA and Kumo. ether it happens with a dip and spike back, or with a correction up and a break down later is a question, but maybe second scenario has higher probability gvn haDelta location. Anyway, I'd keep some shorts, or would sell on spikes still.
So my bias is still counter bearish , but there are some signals to be careful here with the momentum .
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