resistance level of the flag
Eurjpy broke resistance in a long time.
after a breakout there was a restest confirming it was a valid breakout.
resistance zone trendline rejection
and mitigation zone(supply and demand zone=where price broke out before price will come back there )
break need a retest and it going to retest.
pull back to continue down trend.
5 waves completed we now on a bull back abc
rejection was on mitigation zone
USDZAR completed Heand and shoulders
sitting on neckine to move higher
Cup and handle formation forming Bulls in control now
We have completed the 5wave move now we need a pull back atleast 50%
Been bearish for a long time this is the best area for bulls to come in.
and its forming a 3 wave structure.
We trading a correction now of abc retracement
Soon as that's done we will know if we bullish or still pushing further down.
Patience is the word.
Shorting US30 because of break and retest in this zone
Its been bullish it need to do a proper pull back before it can continue rising
This is also a proper Fibzone and Mitigation Zone.
We have reached the Fibzone which is a pull back zone to continue with our up trend
Jpy is seasonally weak between September to December.
Im shorting because theres a break and retest of the uptrend.
Bullish due to elections in South Africa coming up zar should lose strength fundermentally
Still focused on wave 5
there is a bit of consolidation happening but direction is still bearish
Elliots wave used to analyse
and all jpy pairs considered and cxy
gbp and eur are anti dollar so both are strong now.
We have completed 5 wave down move
Now we on correction