CJ appears to have created a bearish 3 drive strike pattern, as of now I believe price will reach the -27% (116.346) on the fib, and keep falling to the -68% (115.959). The market may gap up as soon as it opens and move up more to create a much more clear 3 drive strike pattern on the 4hr before falling but ultimately I think price is headed towards the bears...
Once price made it's last push to the upside, it made the bearish impulse as expected. I was looking for price to make one last bullish impulse, then create a bearish candlestick formation before entering a sell. Check out the previous analysis below:
BEFORE
Price appeared to have broken the low during the previous month. This monthly candle appears to be a retracement or a retest of that level. So far it a look as if price will respect that level and may be signaling it's setting up to make a large push to the downside.
The weekly time frame show a double top, with a retest to the neckline, price also met...
On the 4hr a bearish bat has formed. Am expecting the D leg to complete immediately the prices retest the 112.000 psychological level. Looking for bearish evidence before shorting this pair. Use proper money management. Cheers
