Previous week, the pair completed a Bearish Gartley Pattern
Currently forming a smaller Bearish Bat Pattern
Looking to take a short when the price tests the Gartley PRZ and completes the smaller Bat Pattern
If you have been following me for awhile, you will probably know that I trade mainly the currency pairs, occasionally gold, silver, oil and the Indices.
I have traded BTC only once ever ever ever in my trading life. It was a winning one too :) (See related post attached) - just realised it was more than a year ago
However I see an opportunity coming...
Is there something brewing in Europe, particularly in Germany ?
Spotted a completed Bearish Shark pattern on the H4 and now a Bearish Butterfly pattern on the H1.
Let's monitor and see how the markets open next week.
Spotted a Shark Pattern completing lower at around the 0.7062/78 levels
This downside potential to the AUDUSD this coming week is in line with the Risk Off scenario as the S&P is seen to be breaking and closing below the support Trend Line
On Friday, the stock market opened with a gap down and continued to see down pressure the whole day to close lower. It actually closed below the Trend Line support and we could potentially see more downside early next week.
Analysing this S&P chart, I see potential risk off for the coming trading week. Let's analyse other currency pairs to see if this support...
Please take precautions in your trading in the coming weeks of trading. I see a strong indication that the exhaustion is here.
Have a look at the weekly charts of the S&P
It is clearly showing a bearish divergence, indicating that the up move is exhausted
I am expecting it to potentially reach the 2877 horizontal level or even the support trend...