GBPUSD 4D - Investor Short - Exhibit C
This post lays out the evidence for a multi-month short position. The analysis is made using Magenta counting along w/ the SandTiger tool.
The trend/sequence that began in September 2022 appears to have ended in October 2023. The move up from there seems to be a 'capping' move which ends at the 1.28280 high. Over the next 2-3 months we should see price breach the 1.20372 level.
Price is currently at just over 100 pips below 1.28280. A short entry with a stop 3 pips above this level should prove profitable in the coming months.
I've added many notes to the chart which will explain the step by step details and logic behind this analysis. This analysis also lays out the evidence for a new idea in TA - that of 'curved trends'... Also, a better way to use trend lines... enjoy.
The trend/sequence that began in September 2022 appears to have ended in October 2023. The move up from there seems to be a 'capping' move which ends at the 1.28280 high. Over the next 2-3 months we should see price breach the 1.20372 level.
Price is currently at just over 100 pips below 1.28280. A short entry with a stop 3 pips above this level should prove profitable in the coming months.
I've added many notes to the chart which will explain the step by step details and logic behind this analysis. This analysis also lays out the evidence for a new idea in TA - that of 'curved trends'... Also, a better way to use trend lines... enjoy.
Comment:
Although the 'new sequence' start in early Sept. still seems solid, I no longer believe a short at this time frame is a good idea. 1.28280 could still be breached and the upward movement from 1.20372 might not be a 6/4 or be finished with its upward run...