As price continues to respect bearish Trendline, Price hits key level @ 1.73500 area once again with tendencies of repeating the Bearish run that started on the 10th of Nov. 2020. This level which is also within 61.8% retracement of the last impulse leg gives more substance to my bearish bias with a projection of 127.2% extension.
Tendency: Downtrend (...
Since the price moved 250pips in our direction since my last publication on this pair; the USD/CAD gained downside momentum and is trying to settle below my Key zone at CAD1.3200.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Harmonic (AB = CD expectations)
Observation: i. Breakdown of CAD1.32500 zone on the...
Despite the Bullish run (Corrective move) from late July 2020; The anticipation of negative numbers and economical dent from Unemployment rate and Net Change in employment was not a convincing yard for a continuing rally. Price broke out of my Key level in the beginning of the week only to Break down and close below this level in the latter part of the week...
With over 120pips in our direction since my last publication (see link below for reference purpose); Despite facing the action of Bearish pressure mid-week, it appears price is actually going through correction of Breakout (Impulse Leg AB) to continue the rally to complete a Harmonic move in the coming week(s).
Tendency: Uptrend ( Bullish )
Good morning traders,
The rally in all US indices has been built on gaps. Check the Dow Jones, NASDAQ and also the SP500.
There are numerous gaps which need to be filled.
There is no gap which has not been filled in the history of the stock market (apart from the present ones).
The SP500 has now reached the FIB 127% extension.
Expect some negative press...
Bullish channel respecting trend line that has tested on 5 occasions, upward momentum with retreat to the zone 38.2% of the Fibonacci, with a potential extension of the impulse in the area 127.2%, a total of 210 points up to the span of 17 days.
PRICE EXPECTED TO RETRACE BEFORE BREAKING WEDGE
PRICE BOUNCED FROM 0.5 FIB ON DAILY
LOOKING TO MAKE WAYS TO 1.272 ON FIB EXTENSION WHICH ALIGNED WITH PREVIOUS SUPPORT
ENTRIES WILL BE UPDATED CLOSER TO TIME
This pair broke the "BC" swing low and is seemingly heading for 127.20% extension and probably the 161.80% thereafter. There's the Median Line of the downsloping inside set as well. Previous long position is closed at breakeven. Looking for bullish reversal around 1.1350-1.1450 now. There are some signs of expanding triangle formation here as the "AB" high was...
EURUSD extended to the top of its trading range, the 127.20% extension reached and the higher Warning Line on this Schiff met. Seemingly this pair is done painting its second corrective bull leg. Bears will try to have a go at it, bulls will take some profits and that can result in this pair reaching the 1.1600 area. Selling short 1.1750 with a 70 pip stop above...
Confirmations for Gartley Pattern
- A-B must touch 0.618 but cannot touch 0.786
- B-C must touch 0.236 but cannot exceed A
- D completion at 1.272 (Trend Extension) or 0.786 from normal measurement
- First TP at 0.618 (Fibonacci from D-A)
- Second TP at 0.382 (Fibonacci from D-A)
- Third TP would be back to where it all started
We see a clear rejection off the 127.2 extension on UCAD, looking for short back down to the 61.8 level to meet back with trend line. From there we will see.
DXY is ranging just above the 38.2 with a lot of upper wicks. It has formed a left shoulder and head so far, so it looks on track to complete a right should for the remainder of the summer and then a move...