My previous forecast was premature, as the Pound dropped some more to create what appears to be the inverted head for the "Head and Shoulders". Daily has broken my Keltner Channel as well for more bullish confirmation. Look for the pull back and get in, this appears to be a nice hold to resistance from here. Cheers to the Bulls!
Although the right shoulder hasnt formed just yet, Aussie is heading for the 200 EMA which is also a strong resistance. There is about 60 pips to short to support, then, you can look for a long position to close the shoulder. =)
I see a possibility for a full retrace for Fran but will not know until I see a rejection from the 200 EMA as resistance. I am hoping for a full 1-5 impulse move, instead of a shorter ABC correction. We will see =)
UJ is not only respecting the resistance trend line but was rejected from the 200 EMA as well. This is a big descending channel and I see a push down further. Yen is showing signs of strength as well. Cheers to bears!
Ok fam, if you followed this markup, it made it up towards the sell zone area for the buy with the "C" leg correction and it is now in the zone for a sell. I will wait for the impulse push down, then a retest of resistance to enter. This should be a nice setup for this pair. Cheers to the bears!
I have been patiently waiting on this pair to go long following consolidation. The Pound is in a nice support zone with expectancy to push up. The banks are likely stuffing their orders here (haha). Once this wedge breaks, I am looking for a push up to break resistance, then a pullback to support to enter. I have also added some expected pull backs along the way,...
Simple Markup. I have been waiting on him for some time. We have a rising wedge with a fake breakout, to reenter the wedge with 2 retests of resistance, from the breakout and from the previous structured high to the left. Franc is going down!
I like the way this is forming. Previously, my inverted H&S was a bit lob sided but I have another perspective with this markup. Pullback has taken place, looks like some nice pip action to resistance. Cheers to the bulls!
I see a pullback coming for this correction, however it doesnt appear to be done yet. Once the pull back is complete, should be a nice drive up to resistance. May turn into a 100% retrace, but we never know =) Cheers to the bulls!
Here is an updated UsdChf markup to follow up on my previous one. The markup showed the left side of the inverted head, which now you can see the right side of the head, to be expected to reach resistance above. Cheers to the bulls!