It sure looks like it if you ask me!
1. Trend got stopped at the 1.618 extension fib
2. Made a head and shoulders trend reversal pattern on the top
3. Had a strong pullback after
4. And is now making an ABC correction to the upside now to get the sellers on board and to go down to the .618 fib retracement.
This is where I expect where the 5th wave will start. ...
Correction time has come
Observed a long good upward movement
Indicators for long time frame begin to fold towards sellers
Now we can observe a rollback movement to 90-92, followed by a decrease to at least a fibbo 50.0
2618/3618 trade. Triple top and a 618 reversal has just appeared!
Reasons to enter.
2. Reversal candle already shown
3. RSI overbought
1. Look to trade back to structure!
2. SL placed just above previous resistance high, for a 1:1 risk reward trade
Good luck, enter now!
The price is crossing the bullish MM70 over another bullish MM210 on a weekly chart.
The most likely scenario is a price pullback until an inverted shoulder-head-shoulder is formed and a bullish break in December.
This is correlated with the signals published in the previous posts.
I am expecting the price to bounce around the 92.11 level due to the 61.8% fib retracement of the impulse wave also at that level. It will be interesting to see how the market plays out when it opens. This trade is against the trend so you might wanna go easy on the lot size The RSI and Stochastic oscillators are all oversold. Should be a good trade if you find ...