Continuing with the downward bias we can see an Expanding ( Or ) forming around a probable P5 area. This gives us a good clue that we are changing trend to the downside. We have also broken an Up and a proven horizontal line.
I have set some early downward targets & a time pressure vertical line on a shorter term view, however I feel the market should make a push to the Major ML (Yellow area) over the next few weeks.
Lets see what happens
As predicted the market made a nice move up to the upper MLH for the 3rd time ( turning on my timing line ) and has now reacted nicely. It was just shy of the probable P5 High so that is telling me the short to the ML is still on the cards. I will be watching closely for the previous 2 swing lows to be taken out to confirm. lets see what unfolds
As can be seen the market has moved sideways away from the smaller pitchfork, however the market dropped into my timing line and reversed nicely. I am expecting a short term bullish measured move pushing the upper MLH. However from this upper level I will be watching for a reversal & a breakdown in prices toward the larger ML as previously forcasted. Let's watch and see