I am liking the 1.618 entry with a target at the 0.786 level, retracing to the 0.90315 area. A conservative target for partial positional removal is near the 0.382 at 0.89011. The divergence on the RSI is a nice nod as well.
It took a little longer and went a little deeper than anticipated, but looks like we are on track to reach the 0.890 Level, otherwise the 0.382 retracement originally described. looks to be pulling back, but if it breaks the slope of resistance, we'll have confirmation towards the 0.382 level.
I admit a rally that you anticipate would conform to the pattern observed in the past and it would neatly mesh with it. However I wouldn't expect it to stage such an impressive rally, because I find the down trend likely to accelerate. I would like it to go up now though, so I could enter short somewhere below 0.886. :-)
I do agree, the pattern looks quite neat and the signs of reversal are present. I am liking the consolidation over the past several days, hoping the decline has reached some exhaustion. But as long as we are both hoping for some sort of reversal( even if it is to 0.886) maybe we can will it be and earn some pips along the way.
Nope. Thanks, but I have a rule that I don't go against strong trends. If it's OK for you, then that's fine, go ahead, I wish you all the best, good luck and all the fortune. But me - I've found I feel much better not going against the pervasive trend that I'm following. Just stalking one side (be it either long or short).
Btw, I'm an economist too and I read "The Economist" regularly (fond of Friedman too)...