After that bearish pullback to the 60/50 Fib Zone, I am looking for more bulls to come in
A Bearish Trend Continuation flag is unfolding, at the break below the engulfing candle(where my entry is set as on the chart above), there I sell with two targets.
Simply applying the Fibonacci Retracement tool we are currently at the mature level at 78.60 of the Fib, then that gives me a complete leg B then I anticipate some bit consolidation giving us a head and shoulders then a drop to give leg C or much further drop to that demand zone.
Ive been waiting for this drop, fortunately caught it nicely. Now its bouncing at the demand zone/ support level to retest the broken out support , my forecast is as on the chart, more sellers coming in to drop as the 5 Waves Bullish Impulse is completed. Whats your take?
A little drop to the demand zone, then we go bullish.
EURCAD DAily looks more bearish to me, just broke out of the neckline/support, expecting a short pullback then further drop towards the QML zone.
Based on Elliot Wave, we have one last leg to go.
Lets take this buy and ride wave 5 also noting that this could be a bounce off the broken out Resistance on Daily Timeframe which means more and more buying opportunities ahead.
On the break below 1578.740 our first entry to sell, then we wait for the break out also from the major bullish channel, which will also agree to my initial bigger timeframe analysis to sell. The sell is based on the Quasimodo pattern thus we sell and recommended SL is at the Head/HH.
With a bullish sort timeframe market, we are looking for more buyers to come in taking us to the 15.06000 Zone with the bullish continuation flag, with the A, B, C , D and E waves completed and resistance for the flag broken out, we expect a good Risk to Reward ration.
Going bullish after that resistance breakout, I can hold this for longer too.
There is the RSI Divergence on that QML Supply Zone, I look forward to selling entries opening up at QML, noting also that the market is currently at the QML Zone which is Supply Zone.
We are still looking forward to more sellers coming in
Looking for a drop as the bearish trend continuation breaks out
Looking forward to a drop here towards QML, RSI Divergence and elliot wave supports.
Looking to be bullish with the bulls here beased on the diagonal resistance breakout which is currently giving a re-test and there is additionally the RSI Divergence to confirm this buy