1/2 Has hit the .618 retracement of it's wave at ~3549.35 (could go to 3444)
The 1.618 extension on 1/2 hits 5378.37
Near key level 5333.33
This takes us past 5280.48 which is the .618 retracement of the move down to the low of 3128.89
I expect 3 to end near these levels.
4 could hit anywhere between 4233 and 5K
Some key levels are 4444, 4623, 4870.
5 could ...
Yesterday's OIL broke a new low a gain and formed a bearish engulfing bar. it is now in retracement, so we wait the price comes back to the previous low, retest and look for bearish price action to enter short.
Long term trend: bearish.
expected TP zone: 55
In 4H Chart EURUSD forms a downtrend price channel forms ,
breaks this channel on 1st Nov ,
But unable to break the resistsance.
So liitle drop expected to the support level.
EURUSD towards Fibonacci support,
1. Broke through resistance and now bounced off the new support twice.
2. Inside bar potential break upside
3. Upside wick and long bullish candle to show strong momentum to upside.
4. Good RR of 2.7ish
Fundamentals show hawkish tone by FED and recent good jobless data.
*Strongly based on support and resistance play
I took some of the countertrend before it continued on the trend, which I saw happening on the MONTHLY a few weeks ago off a butterfly pattern. It would be fine to just treat it as an upward trending BUY on a 4HR interval that still has room for at least 30 pips considering the RSI.
Here's a little update :
So during the night we drop back to the trend. The question is, will the trend hold or will it drop down to bottom of range ?
1 - Everytime we touch the trend, there was a major bounce back from it everytime. But each time the bounce got weaker and weaker.
2 - Are we going to see a small bounce back before dropping below trend ?
3 - ...
GC (GBP/CHF) is building Inverted hammer in 4hr Tf Vwap good for entry, Z distance from Vwap is highly overbougt
Day Range is +200 pips so be very careful and mindful. Sterling falls below 1.30 in 10 months.
Tomorrow Economic calendar event & news can affect pound heavily!!
Currently Bitcoin is trying to attempt to make a pullback up to 6800 area. This is where everyone should have been bullish in the first place. But because millions of orders flooded the daily 50 area. We could heading thru the $6k area. Be careful bulls. I am still short from 7250. I would take a temporary buy according to the 4hr chart up to 6700-6800.
Setting up very nicely. In the flag portion on the bull flag. A buy any where around .50 is good. Stop below the latest pivot low on the 4hr chart. Fib levels for targets. Can also buy the flag break out.