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hey traders,
on pound aussie we have a very good example of market phases.
pair is now approaching a decent level of resistance,
and the market leaves multiple clues of bulls exhaustion.
first of all, analyzing volumes,
we see that smart money dont buy anymore,
and prefer rather to sell:
also, we have weakening overbought rsi with clear divergence,
and formation of a head and shoulders pattern.
all these things signify the distribution market phase.
last thing that we are waiting for is the violation of a neckline.
then we can freely sell the market with the targets based on structure.
good luck!Comment
⋅ Very important retest of the neckline
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