With price moving down for 4 consective weeks, I have joined in the short.
However, current price is a bit low on short,
Price seems to be currently forming a small channel.
I hope i am not shorting into support, in which I believe this support is meant to be broken in due time.
It seems to be the neckline of a large 1 yr descending triangle.
This link () shows side-by-side chart with weekly on left panel and 4-hour on the right panel. Price is moving up and through the weekly Kumo and is looking at good support here. CMO suggests 4-hour is oversold within the context of strong larger trend.
Idea is based on a combination of Elliot Wave theory and median line analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop loss.
This currency pair is ridden with failures as regards the bullish price action that it comes quite naturally to expect further decline and new lows. There are two overarlapping action-reaction structures in work, both of them concurring with regard to the reaction line. In other words, two balance lines and two action lines point to the same reaction line. There...
