Russell has ben leading recently and is getting close to ATHs again.
I'm looking for a turn near the 17oo Double top area, But if it gets there it is likely to take out the top before a reversal lower.
A 3 drive can be the end of a trend.
Watching this one with smaller TFs to get entries.
This ticks all the boxes for a wave 3 completion using Elliott Wave theory.
Wave 3 has ended near the 1.618% FIB extension with an inverted hammer candle on the daily time frame.
There is a trend line support on the 1 hour time frame. Trading plan is to wait for a breakdown before entering a sell position.
Any thoughts or comments please let us know.
GBPUSD has formed a double top for the last few weeks, which is a bearish sign.
A weakness of the Bullish trend.
It broke the 1.2200 Support Area and bounced off around the 1.2100 area.
Currently, the cable/GU will retest the 1.2200 as a resistance, and might break it as well as the bearish trendline.
If it breaks both the trendline and the resistance, Idea is...
Good morning traders,
Fairly simple trade set up here.
AUDJPY still has a gap yet to be filled.
The 161.8% FIB extension level could provide a target, this is also inline with the gap which needs filling.
Any thought or comments let me know!
Good morning traders,
Crude oil is getting ridiculously cheap!
Whilst the global demand for oil is decreasing due to mass quarantine, this will only be short lived (1-2 months).
China is pretty much back online and working again as their outbreak has tapered off.
We are looking to start buying crude at the 161% FIB level roughly $23 per barrel.
As you can see the market is in a calm short session on the 1H Timeframe.
It is moving in a parallel channel since the beginning of February (1.10900) until now (1.09500).
This is a difference of 140 pips!
Now we're expecting a breakout upwards to "breathe" and having a pullback.
The next logical area is the resistace at 1.09950.
If the market...
Reason to Sell
1) Gap = Strong resistance
2) ABCD + 1618 Fibo. Ext. = Reversal pattern x2
3) Watching Bearish signal from the resistance area highlighted in Red to anticipate a sell-off
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CMG has had a helluva run, but I am of the opinion that it is reaching the top of it's 3rd Wave up, sitting right at the 1.618 fib extension of Wave 1. Also very near current channel resistance trend line, which adds to the short idea. Personally I look for the pullback to drag CMG back down to the low 600's, around 615-620 area most likely. Crazy as it may sound...
Was slightly late in identifying this setup. I usually will short on the Right Shoulder and take my TP1 at the neckline. Price has risen significantly last night and a change in trend is underway.
However, there may be chance for a small pullback up and then take the short.
One thing to note for all traders, DO NOT chase the trade! I repeat DO NOT chase! We...