This analyse of mine may be of interest for traders using fibonaccis, Elliot Waves and in general harmonic traders. Price has completed a leg down when the harmony of the Fibonacci levels has been completed.
Price action, as it stands on daily timeframe, shows regularities that is best contained with the drawn Fibonacci levels on the chart.
23,6 FIB at 1,29 was traded in September 2014, broken and retested in October 2014
38,2 FIB was reached in Dec 2014 with a subsequent 350 pips bounce. The break of this level 1,22, gave a sharp sell off.
50,0 FIB was traded in mid January 2015 without giving any support but was retested Jan 21 at 1,1675 after which price dropped almost 600 pips in a few days to reach the
61,8 FIB in late January 2015 at 1,11. After a bounce and sideways trading, this level was broken in early march 2015 and price dropped sharply to the
76,4 FIB in mid March at 1,0450.
This also ended the long bearwave and we have since seen a consolidation were price has coiled around the 61,8 FIB, using it as support and resistance, with one spike to the 50.0 fib in late August.
As is shown in the chart, the completion of the whole wave, stands at 0,9350 level. Price has broken an upward trendline (and channel) as it broke the 61,8 FIB the last time, which may be an indication of weakness. Also on the weekly timeframe, we saw a Bearish Ichimoku Kumo break two weeks ago. A daily close below 1,08 is needed to really expose the March Multi-year low at 1,0450. And if it is taken out, price may move sharply towards the final destination according to the analyse, at 0,9350. A close above the 61,8 FIB (1,1125) will give some relieve to current downside pressure.
Price action, as it stands on daily timeframe, shows regularities that is best contained with the drawn Fibonacci levels on the chart.
23,6 FIB at 1,29 was traded in September 2014, broken and retested in October 2014
38,2 FIB was reached in Dec 2014 with a subsequent 350 pips bounce. The break of this level 1,22, gave a sharp sell off.
50,0 FIB was traded in mid January 2015 without giving any support but was retested Jan 21 at 1,1675 after which price dropped almost 600 pips in a few days to reach the
61,8 FIB in late January 2015 at 1,11. After a bounce and sideways trading, this level was broken in early march 2015 and price dropped sharply to the
76,4 FIB in mid March at 1,0450.
This also ended the long bearwave and we have since seen a consolidation were price has coiled around the 61,8 FIB, using it as support and resistance, with one spike to the 50.0 fib in late August.
As is shown in the chart, the completion of the whole wave, stands at 0,9350 level. Price has broken an upward trendline (and channel) as it broke the 61,8 FIB the last time, which may be an indication of weakness. Also on the weekly timeframe, we saw a Bearish Ichimoku Kumo break two weeks ago. A daily close below 1,08 is needed to really expose the March Multi-year low at 1,0450. And if it is taken out, price may move sharply towards the final destination according to the analyse, at 0,9350. A close above the 61,8 FIB (1,1125) will give some relieve to current downside pressure.