You might have noticed that the last month was has been the the breakout phase of the the overall market cycle. Beginning May 12th we saw the beginning of a counter trend expansion, which has conformed to a gann fan pattern for the rest of the month.
This month should be characterized by a bearish reversal, and a transition into the trend phase of the market cycle. Last Friday's NFP led to a resurgence of bearsish momentum, which will likely continue given the context of the move within the overall market cycle. Friday wasn't just a bearish move, it was a signal that we are now entering the last market cycle. Price has stopped just short of the lowest side of the gann fan, which could break later this week. I'm looking for a descending channel to form on the daily or 4hr time frame to confirm the bearish trend. Tonight or Monday, I'm looking for price to breakout to supply and fail to break resistance. I've set my demand target close to the lowest gann level.
This month should be characterized by a bearish reversal, and a transition into the trend phase of the market cycle. Last Friday's NFP led to a resurgence of bearsish momentum, which will likely continue given the context of the move within the overall market cycle. Friday wasn't just a bearish move, it was a signal that we are now entering the last market cycle. Price has stopped just short of the lowest side of the gann fan, which could break later this week. I'm looking for a descending channel to form on the daily or 4hr time frame to confirm the bearish trend. Tonight or Monday, I'm looking for price to breakout to supply and fail to break resistance. I've set my demand target close to the lowest gann level.
Comment:
Price broke one demand zone higher and then fell towards my target! I got stopped out last night but got back in this morning and netted about 30 pips today. Not bad
Comment:
***supply zone!
