Recent price action is showing a growing uncertainty about the direction of the trend !
Indeed, last H4 closing level is once again showing a potential downside breakout of the
former uptrend channel.
Therefore, price action over the ongoing H4 period and more important its closing level
will validate or invalidate the breakout of the channel previously...
Looking back across the daily chart for the last two years paints a clear picture.
If this ribbon turns red then expect further downside at worst or further consolidation at best.
Long term everything looks fine but over the next week or two I can see more downside/consolidation as possible.
- Price is currently getting squeezed between my moving averages.
- Top side trend was respected and fell from that level
- Trend line plotted from lows also shows a break in trend.
- Price formed a head and shoulders pattern that broke out to the downside today.
- Price has retraced back into the 50 - 61.8% retracement level of todays range.
- Looking for the...
The British pound ran into resistance again against the Japanese yen as it rallied towards the crucial 132 level. This is an area that has been important more than once, as it was previous support. At this point, the market looks as if it is trying to roll over again.
Outlook in GBP/JPY is unchanged as GBP is long-term bearish. Below 130.64 will target a test on...
Short trade recommended with a take profit of 130.000
Fibonacci Retracement at 0.382 struggling to break through the past 10+ days to the 0.5 retracement level.
The real test of this trade once reached is the 132.500 level which has proven extremely difficult to break over the past 10 days.
The upside today was based on a wave of fundamental news (Postive) and...
I see the £ really struggling with still no certainty that Britain will leave the EU with a trade deal in place.
I personally think they wont leave with a deal and i see nothing but bad news for the £
I know it seems a bit far fetched to predict the £ to fal this far and maybe it will fall to last years lows and maybe it wont but time will tell
Bitcoin price cautiously moved down for the last week, with several tenuous rallies in the process. Price broke down the pivot support level at $8600 USD today.
The overall crypto market is still very weak. Until seeing a major break out above the downtrend line with strong volume, it's safe to assume bitcoin still has room to go down. The downward structure...
It looks like intermediate waves W (1.7563) and X (1.85) of the corrective zig-zag pattern have completed their journey.
The corrective intermediate wave X wave ended with a complex combination at a round resistance and between the 61.8FR and 78.6FR of the intermediate wave W
Intermediate W printed a minor a,b,c that most likely ended the first part of the...
MU is in a Trading Range pattern at this time. The compression of that candlestick pattern in August is showing signs of heavier Dark Pool Quiet Rotation. The large lot long-term investors are slowly lowering inventories on MU over many weeks, and this increases downside pressure.