we are in a very pivotal zone right now, If the price breaks the bottom trend line then it will continue the down trend however if the price reaches that pivotal golden zone then this will be price reversal. Alot of people are claiming down trend as well as trend reversal. However, we are not sure yet! these zone are drawn out so both scenarios are possible.
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I will further explain my theory. There is no sign of trend reversal yet until that golden zone is reached. That golden zone is the crossing of the last "higher low" of the down trend. This will be confirmation the trend has reversed. however if the price doe not reach that level then it is most likely to drop and continue the down trend. People who are claiming an uptrend are not basing their theory of the price action trend reversal patterns, which I would not suggest because it has not been seen. People who are claiming down trend are only doing so because it is/was the main trend and because of fib retracement, however the price has already gone way past the levels of normal retracement.
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One last thing i would probably bet more towards a trend reversal as today there is GOOD GBP volitle news which might see massive bullish breakthrough. I will be doing more analysis and different charts because i just got into tradingview. I used to do my charts on MT4. Please let me know if you want me to do an analysis on a certain pair. Please like and follow, Thank You!
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CORRECTION THIS IS GBPJPY I am sorry for the title!!!
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