Looking like a possible sell on GBPJPY
After an initial drive to the downside, I am now looking to get short if I can get some sort of corrective structure before hopefully seeing it move lower.
The US Index correction up to the 61.80% Fibonacci retracement of minor waves 1-3 missed the 98.66 low of wave 1. This means that the current structure can be still considered impulsive. With bears pushing prices down sharply, the chances of reaching fresh lows for the completion of minor wave 5 are increasing. This scenario could be validated below minor 3's...
In today’s #marketinsights video recording, I talk about China's comments on Phase-1 of a potential trade deal with the US and last Friday's #NFP numbers. I look at the SPX and DXY as both are affected by the above events in a different way; the S&P500 remains upbeat on Friday's sentiment whereas the dollar index, although yields were seen ending the week higher,...
EURGBP could move a tad lower to complete intermediate wave 2 near 0.8480 before continuing higher. The said level is the 100% FE of the first minute degree zig-zag and could be duplicated as minor X was somewhat dominant. Look for a valid reversal above last zig-zag's minute b wave but expect minute c to complete first. Minute c should be truncated to support...