Price has broken the up trendline on the Weekly Time Frame & is about the test the back end of that Trend Line.
Price is also nearing past support/future resistance at 5777.00.
Stocastic is now in the Sell Zone ready to U-Turn South.
First target set at Support 2975.01 once it reverses on the smaller Timeframes.
Expecting the minor wave FLAT (Marked by Green Lines) to complete down to the 1.12138 - 1.20141 price zone (Blue Rectangle).
Staying out the market till then.
Will Look for Buying opportunity in this area. Bullish Target will be the End of Primary Wave 5 @ 1.26945 (Marked by Black Lines)
Intermediate Wave 5 (Marked by Red Lines) may carry prices a bit higher to...
Price in 2087 pip range on the weekly Time Frame and currently in Bullish ABCD heading to the top of the range with the Daily Fibonacci 'D' Extension at 1.68943.
Enter on bullish signals on the 60 min heading toward the D target.
Price in up ABCD on the Weekly with the 'D' Fibonacci Extension at 0.81875.
Daily nearing support at the 0.73719 and the Stocastic RSI in the Buy Zone ready to U-Turn upward for the Bulls to take over.
Daily Time Frame Fibonacci 'D' Target for the Bulls at 1.36299.
Stocastic currently heading to the buy zone on the Daily.
Awaiting both counter trend line breaks on the 60 min and a U-Turn in the Buy Zone on the Daily Stocastic for entries.
On Monthly Price is approaching historic Resistance level at 1.20422 and Stocastic Over Bought. Look for Bearish Reversal as it begins a new downward ABCD. This would put the New C at the 50 Fib retracement on the Monthly and the New D Extension at the 1.618 = Target for the Bears to hit 0.80868.
Swing Traders should swing all the way south and Position Traders...
On Monthly Timeframe price has broken the down trendline and retested the back of that trendline forming a ABC move with the Fibonacci 'D' Extension target at the 1.11416 on the weekly.
On the Daily the sub abcd 'd' fibonacci extension target of 1.11232 is in close proximity to the weekly D extension.
Stocastic RSI is also making a U-Turn in the Buy Zone on the...
Price tested the back of the down trendline on the Weekly Time Frame on 2016.07.04 & 2016.08.15 thus forming a double bottom and identifying the Fibbonaci 'C' retracement. This in turn helped identify the target D Extension at 156.711.
On the Daily however price is caught at a traffic light so to speak as price is in a 484 pip consolidation range where price is...
Price in Large Pendant/Delta on weekly.
Expection is for Bullish breakout to head towards the D Fibonacci extension at 163.062.
Further evidence would be the breaking of the downward trendline on 2016.11.28 and the retesting at the back of that downward trendline on 2017.01.16.
For Swing Traders: on smaller timeframes like the 60min look to trade counter trend...
Price in 7263 pip Consolidation Range on Monthly.
Price nearing D Fibonacci extension on Weekly and Daily. (Stocastic also Over bought on weekly and monthly).
Awaiting Bearish Correction to the 125.80 before going Higher.
Will avoid buying the market till then.
Lower Time Frames like the 60 min will possess one last buying push before the huge correction.