We have a very beautifully market constellation. The price reached the 1,618 extension of the privious bearish leg. The 0,382 retracement of the current bullish leg is exactly the previous leg. Thus, I look for a confirmation of a upcoming correction to go short. Taking RSI into consideration, it shows divergence already.
What do you think?
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The trend progressed already far enough and it shows already first signs of weakness. However, those are not very clear, no promising confirmation. Nevertheless, start to prepare for short. Trade idea and SL, TP just conceptual.
It looks like the market is at the top of the right shoulder with potential for trend reversal.
In August and recently in September the market tested the resistance line from year 2013. The actual trend is already old and we have not seen any big retracement yet.
Furthermore, BB% indicates a divergence on 20 and 50 timeframe.
The BB are squeezed and big...
My analysis from last week was correct. We had a smooth downtrend, which was confirmed by the BB%. The market broke the trend channel on friday.
For the upcomming week I do see following development. A pullback to 1.12480 ( a 0.382 retracement of the new wave). Following new down movement to 1.11121.
Indicator BB% shows me that on the 4H timeframe the market is...
EURGBP reached a resistance line from 2013. This week the resistance holds. I expect a correction towards 0,83000 (0,382 Fibo of the last leg). This could form a NSN-Formation with further movement towards 0,80300