First things first is going to be the Average True Range. That sucker is at an all time low on the monthly time frame and that is a sign that the coil is tight and about to spring. The main thing the ATR is good for is finding that tightness for long term reversals based off of price action, and it does it in a way that Bollinger Bands can't. There is no if, ands, or buts, this currency pair is staged for a legendary move.
The ATR could be used to find a legendary move to either side. I think the upside is the obvious choice because the purple trendline has done a very good job at being support and resistance and I think this last touch will be a launchpad to the upside. Also, the MACD is about to have a bullish cross of the signal line and go above zero.
Price action, I believe, will go edge to edge on the Madrid moving average at a minimum. I suspect we will see a retest of this moving average and a quick move to the black trend line, which as acted as resistance in 2015 and 2018. Should the price action get above that line then the uptrend will be intense.
Bulkoski mentiones that a dip past support and a recovery into the wedge is a very bullish sign and is one of the instances of when a busted pattern is better than the non-busted version. The only thing that could make thsi more bullish would be price action gapping out of the wedge. But we will have to go to a lower time frame in the future to see that, if it happens.
thepatternsite.com/fallwedge.html
The ATR could be used to find a legendary move to either side. I think the upside is the obvious choice because the purple trendline has done a very good job at being support and resistance and I think this last touch will be a launchpad to the upside. Also, the MACD is about to have a bullish cross of the signal line and go above zero.
Price action, I believe, will go edge to edge on the Madrid moving average at a minimum. I suspect we will see a retest of this moving average and a quick move to the black trend line, which as acted as resistance in 2015 and 2018. Should the price action get above that line then the uptrend will be intense.
Bulkoski mentiones that a dip past support and a recovery into the wedge is a very bullish sign and is one of the instances of when a busted pattern is better than the non-busted version. The only thing that could make thsi more bullish would be price action gapping out of the wedge. But we will have to go to a lower time frame in the future to see that, if it happens.
thepatternsite.com/fallwedge.html
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion