We are currently in a no trade zone in GBPUSD.
Depending on which Diamond Pocket is approached first, a setup results:
Variant A: We test the resistance above and are rejected there for the time being, target area would be the current 4h SR.
Variant B: We lose the 4h S/R here and find support at the lower Daily S/R levels.... Target would be a renewed test of...
As with the Nasdaq, we see a bearish Wolfe Wave on the SPX.
After the sell-off at the beginning of the week, we changed into the bearish trend from the Wavereader, but were pushed directly back into the overbought area, as usual in this market.
The good thing is: this gave us a fresh sell signal.
It was not even tested the 0.786 FIB level in the sell-off, which...
There is a short opportunity for USDJPY.
As shown once before, we have broken a long uptrend of over 75 days.
We have already been rejected once from this trend bearish, which for me is a sign of further correction.
Currently we are just at the 0.786 FIB leve, a daily S/R and we have a bearish trend in the 4h timeframe.
The Sell signal, along with the one...
All the prerequisites of a WW are there.
Possible entries are marked in green. The 1.618 + 2.168 FIB level.
The wavereader is in short mode, rightly so, however I think that if it gives us a take profit signal of the short signal, together with the WW we have a good trading opportunity
I expect the price to hold above the double support consisting of the trend line and 4h S/R and to approach the weekly S/R again. a long trade as indicated in the LTF is therefore not the worst idea.
15m buy signal would give the whole idea even more approval
We are at a zone where we encounter three reasons to resist.
1. 0.786 FIB Level
2. descending trendline
3. 4h S/R level
In addition, we have 2 sell signals of the Wavereader.
I don´t need any more reasons to try a short here.