I am predicting a short pull back coming soon to the .84900 (TP1) area possibly could move lower as a pull back before heading back up to breaking higher highs. If levels .87470 (.87500) hold and don't break then EG will be dropping long term. **** NOT A SIGNAL JUST MY ANALYSIS *****
Based in fib retracement and cloud support looks like it could make it all the way to 0.87000. first target is 0.85750, second is 0.87000, and third is 0.89000
As seen on chart, EG breaks out of consolidation wedge and is headed for lower lows. Expect it to test trendline, and whether it bounces or not depends largely on fears of Brexit.
Simple EG short with trendline and 1.618 extension. Stop could be closer, but I'm giving it breathing room
First off we have resistance coming from the last swing up to this area. Secondly we finished 5th wave in 0.795 and we should see a correction wave, that lines up perfect with a AB=CD move down to fib resistance/extension
From the U-MLH, pullback down and up again, to bang the head at the A/R. And for classic pattern recognition lovers, we also see kind a H&S. From the U-MLH, we have a great chance that price comes down to the Centerline, as "Timing Is Key" found in the old documentaries from Andrews himself. P! For those of you who like to evolve in Trading and are interested...
A nice compression up, foresee price to read qm level to take a short trade.
IF EG is able to break the psychological level of 0.74 we may go up to 0.7450 area to complete bearish gartley to resume the overall EG downtrend. Utlimate target around 0.64 still stands for me. after first TP at 0.70 at most recent low.
see chart for details, but I see a break and retest of a monthly trendline (in red), as well as a weekly trendline (in blue). also, the resent swing high by EG touches the 0.618 retracement of the prior major move down. My ultimate target could therefore be at 0.63981, the 1.618 extension level of most recent move.
after being stopped out on the previous set-up, it seems EG is now hitting some resistance. on larger timeframes it still is in a downtrend and In combination with the risigin wedge on the 1-2hr chart and it being signifcantly oversold for a period of time, I will go short as soon as the wedge is broken. target retracements of the last major swing up. comments...
testing monthly resistance levels bounced off with clear bearish engulfing candle on daily chart next monthly resisttance at 0.6547 area is my TP. Stop goes abouve the monthly resistance band. GL