Price action is currently sitting at pivot support from November 2017 and trendline support from January-May 2017. A nice bullish 3 bar candle pattern has completed at the end of major bearish impulse wave giving the possibility of a pullback and 3 or 4 more bullish candles.
The left shoulder, head and neckline are currently forming and if we get a push to 1.209 zones at upper trendline support, the right shoulder point would be made. That zone also coincides with 0.236 fib pullback of the major bearish impulse wave and would continue the active patterns.
A bearish breakdown below the lower trendline and 1.14 would confirm the move to 1.08 at 0.236 fib of the major bullish impulse from Jan 2017 to September 2017. There is lots of fib confluence in the 1.08zones so even if we get a push up to 1.20 I could see the breakdown to 1.08 likely at some point to complete the cycle.
There is a lot of resistance around 1.221 and 1.209 which will be my target zones if we get this 3-4 bar pullback. Stochastics and Rsi are oversold and are beginning to turn but it is too early to tell if this support will hold.
This weeks candle close is important in the direction and continuation of the current patterns. Either we will get the move up to 1.209 and the right shoulder forming, or the move down to 1.128 zones and the extension of the bearish impulse wave.
With severe moves of 7 candles in a row bearish or bullish it signifies a parabolic situation that is most likely going to continue. Parabolic moves most typically will pull back in a swift manner which is hard to target on the fib scale and continue an extension at any moment without much notice. 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
The left shoulder, head and neckline are currently forming and if we get a push to 1.209 zones at upper trendline support, the right shoulder point would be made. That zone also coincides with 0.236 fib pullback of the major bearish impulse wave and would continue the active patterns.
A bearish breakdown below the lower trendline and 1.14 would confirm the move to 1.08 at 0.236 fib of the major bullish impulse from Jan 2017 to September 2017. There is lots of fib confluence in the 1.08zones so even if we get a push up to 1.20 I could see the breakdown to 1.08 likely at some point to complete the cycle.
There is a lot of resistance around 1.221 and 1.209 which will be my target zones if we get this 3-4 bar pullback. Stochastics and Rsi are oversold and are beginning to turn but it is too early to tell if this support will hold.
This weeks candle close is important in the direction and continuation of the current patterns. Either we will get the move up to 1.209 and the right shoulder forming, or the move down to 1.128 zones and the extension of the bearish impulse wave.
With severe moves of 7 candles in a row bearish or bullish it signifies a parabolic situation that is most likely going to continue. Parabolic moves most typically will pull back in a swift manner which is hard to target on the fib scale and continue an extension at any moment without much notice. 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