The current intermediate active momentum is bearish but the bullish impulse wave is active until trendline is broken to the downside. Harmonics are loosely forming and there is the begging of a wedge with a weak top at its first point. Bulls have been back in control since may 29th and currently need more confirmation before returning to major bearish momentum.
Indicators are showing signs of intermediate bearish momentum aswell and a recent change in direction as of July 7th. A continuation of the active momentum is most likely but news this week on both sides could create a very volatile and choppy price action.
Major momentum is bearish so the pullback seems possible and the last scanner signal was bearish giving me the bias to the downside. But the extension of the active bullish wave and a push up to higher levels is also something to consider. We have not yet broken the trendline and the finished the week with a bullish candle pattern. Even though it is a bearish red candle on the scanner, the pattern is still bullish.
I will be tracking the price action on the trend scanner this week and scalping the minor waves within the active momentum. I use this platform to create a record which I can review to continue evolving and adapting my charting systems. This is not trade advice or signals . So trade with care, peace and pips. Hope it helps and crush the markets this week traders!
- Grateful Chart Artist
Indicators are showing signs of intermediate bearish momentum aswell and a recent change in direction as of July 7th. A continuation of the active momentum is most likely but news this week on both sides could create a very volatile and choppy price action.
Major momentum is bearish so the pullback seems possible and the last scanner signal was bearish giving me the bias to the downside. But the extension of the active bullish wave and a push up to higher levels is also something to consider. We have not yet broken the trendline and the finished the week with a bullish candle pattern. Even though it is a bearish red candle on the scanner, the pattern is still bullish.
I will be tracking the price action on the trend scanner this week and scalping the minor waves within the active momentum. I use this platform to create a record which I can review to continue evolving and adapting my charting systems. This is not trade advice or signals . So trade with care, peace and pips. Hope it helps and crush the markets this week traders!
- Grateful Chart Artist