As expected per yesterday's analysis, price has continued sideways in the Ascending Triangle. There is probably 2-3 more days of this if the Ascending Triangle fills out.
Ascending Triangles are usually bullish patterns, but I have to make it clear that it is possible it can break down, so set your stop losses accordingly. The top of this Ascending Triangle is the Monthly Pivot Point, breaking up past that point will take some doing.
A break to the upside should see 0.90+ again, but limited at 0.92 initially with (P+R1)/2 and before that there is a descending trend-line to take into consideration.
I am setting Elliot Wave analysis aside for the moment until this "correction" wave ends. This Wave 2 off the 0.46-0.96 Wave 1 Impulse Wave Pattern can technically go lower and could hit 0.55. As long as Wave 2 doesnt go past 0.46 Wave 1 is still valid. It is exceedingly difficult to plot the current lesser degree Waves and to avoid being misleading I wont plot the lesser degree Wave until we break past 0.96 which will trumpet the end of Wave 2 of higher degree.
Ascending Triangles are usually bullish patterns, but I have to make it clear that it is possible it can break down, so set your stop losses accordingly. The top of this Ascending Triangle is the Monthly Pivot Point, breaking up past that point will take some doing.
A break to the upside should see 0.90+ again, but limited at 0.92 initially with (P+R1)/2 and before that there is a descending trend-line to take into consideration.
I am setting Elliot Wave analysis aside for the moment until this "correction" wave ends. This Wave 2 off the 0.46-0.96 Wave 1 Impulse Wave Pattern can technically go lower and could hit 0.55. As long as Wave 2 doesnt go past 0.46 Wave 1 is still valid. It is exceedingly difficult to plot the current lesser degree Waves and to avoid being misleading I wont plot the lesser degree Wave until we break past 0.96 which will trumpet the end of Wave 2 of higher degree.
Comment:
Correction: (P+R1)/2 is 0.90, not 0.92
