After a new all-time high, it made a pretty sharp down impulse which can be the starting of the monthly corrective structure or A wave inside a correction above the red trendline. After that, it made a regular flat between the orange lines, break-out, correction between the green lines, break-out and correction between the blue lines. It looks like...
The UK100/GBP pair has been appreciating in an ascending channel pattern since the beginning of June. The pair reversed north from the lower boundary of the channel pattern at 7088.8 on June 3.
The 200-hour simple moving average was providing support for the pair at 7481.0 during the morning hours of today's trading session, while the 50– and 100-hour SMAs were...
With US manufacturing data yesterday triggering recession fears, FTSE dropped along with other indices. Looks lkie wave i of wave C started. Now at 200SMA on 4 chart.
Once support is found, we could close shorts and buy the pullback on wave ii.
Prices are extending higher from the bullish flag/pennant formation.
We have a 61.8% Fibonacci pullback level of 7458 from 7020 to 7729.
Bespoke resistance is located at 7461.
Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible.
Preferred trade is to sell into rallies.
Expect trading to remain...
Normally I only trade Forex pairs and it has been a while since I last traded any indexes. But I was strolling through markets and saw this opportunity so I analyzed quick and opened a short trade @7216.
My quick analysis
The Market has reversed at the end of July and stayed in a Down Trend ever since. Now we can clearly see Resistance @7305 so that gives us a...
We had a strong down move in the beginning of August which we have been correcting thus far and now I am looking for that continuation down to the 6700 / 6600 range.
I will re-evaluate the action in the coming weeks to assess whether or not I think this will be the complete reversal and probably the inevitable recession or back up to break and...
It all starts with price action. After a loss of downside momentum we have made a new high (purple) which indicates some bullish strength.
It has also completed a shark pattern at the 1.13 which is great, this shows a new high has been made, but we could be due for the pullback now, before a new high is made.
I will be looking for this bearish shark to become a...
Resistance zone worked to add another long on the break or pullback, whichever you chose. Now we see rapid rise in FTSE this morning, additional long position can be taken if we wait for the pullback. Good Luck!
The break happened by the book and going well. Now at small resistance zone, a pullback here would be welcome as we could add another long at the low of the pullback. Going to small time frames to see catch that low. This is the start of the B wave.
End of summer today so many traders and investors will be closing trades. Expected high volatility at the end of...