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We are apparently sitting on an older trendline that seems to be still in effect. nibbling off the 23.6% fib line effectively forming an ascending triangle. if you extend this trendline it crosses my 666 target right around the 3x timefib which is based on the uprun marked by blue vertical lines 0 and 1. line 3 is after 3x the amount of time between 0 and 1.
I highly doubt its going to break the white longterm support line.
Looking to accumulate in the green triangle area.
Willy is stupid oversold and about to cross on 4h,
meaning theres a good chance its going to reverse back up.
Safest buy is definitely after break of red dotted triangle top.
Unless we fail to break out before the 9th of july,
where longterm support...
Check this out guys ! the mean for this cycle is around 608. thats where the triangle is closing. also price rendered around the same area above and bellow the mean. also price fell bellow the mean exactly at the halftime of the triangle ! isn't this stuff fascinating :O alltogether this "means" xD that something big is going to happen on or maybe before the 9th...
Annotations on the chart. Due to the fact that such triangles often breakout after 75% - 80% completion, the 0.764 fib seems to fit great. Also the month of July will then mark the beginning of a new cycle with a rally up to 6000 (10 times the value before rally starts, so around 600)
EURUSD heading into next downswing in my opinion. target based on rising wedge and previous lows at the same level. additional trendlines support this idea. the slope of the prediciton is based on the decreasing slope of the previous downswings.
-- TV doesn't display the chart correctly. Please strech it on the y-axis to a point where the white lines cross --
You can use it for different things. my main use for it is to project targets based on impuls legs.
not always will price follow the AB=CD target. instead it often reverses before reaching point D.
This tool can help you identify alternative targets.
Technically speaking the shown example of usage isn't called a fib extension but a fib expansion.
you can get fib...
You can use it for different things. my main use for it is to project targets based on impuls legs. not always will an ABCD pattern have the AB=CD 1:1 ratio. CD will often be in a fib ratio to AB like indicated on the chart. using the tool you can find different levels quickly and even set your own custom level values.
You can find it in your drawing toolbar by...
Inverted Head and Shoulders is forming.
Look for a safe long trade entry after the H&S confirms by breaking + retesting the red neckline.
Potential for less safe trades in the meantime are indicated.
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