We ended the previous week on top of a BEARISH CHANNEL with an initial bearish signal suggesting further down side move. Take note that this coincides with the RETEST of the BULLISH TREND LINE support witch was recently broken through. RSI is already pointing downwards and SPX500 is forming a double top giving me 4 signals to be bearish on the pair. If we break...
As i mentioned in my previous posts, an almost complete Bearish Cypher pattern is in the works, as well as a possible Bearish Gartley could provide a retest of the recent Highest High for the pair. Observed here is the continuation of the Bullish Trend Line we have since Nov. 12, 2013. In my post "Part 2 Bearish Essentials", conditions were met (4Hr Oversold...
A highly probable Bullish Cypher pattern in the Highest High of this pair (the 1.27 extension from Point A @ 1.68215) could drag us down to 1.6400s to 1.6380s. In the near term, a Bullish Bat Pattern could emerge if the conditions becomes favorable. (ATR less that 25 with extremely oversold RSI -20 at a 4hr chart) projecting the pair up to 1.6900s. Could be...
A look as to why we could be bearish on the pair. A possibility to revisit the 1.6250 support line and Bearish/ Bullish Bat emerging...
On the 4Hr, an emerging Bullish Gartley pattern could provide a retest of the Highest High. Failure to break above would justify a Bearish outlook to a possible Bullish Cypher pattern on the Daily/Weekly Chart
On the 4Hr chart, a possible Bearish Bat pattern to emerge, shorting at 1.09830s for a run till 1.07440s. Long from 1.07440s till 1.1150s for a (C - D leg) Bearish Cypher pattern completion. Shorting from here to 1.0510s for a (C - D leg) Bullish Gartley pattern completion. Buying from here for a move up with Target 1 @ 1.0805s and Target 2 @ 1.09830s Ending...