Pattern: Channel Down on 4H.
Signal: Bearish after an ideal set up of Lower High and Lower Low. Attention and SL needed as above 0.71889 the Bullish Gartley may prevail.
Target: 0.71254 just above the 0.71167 - 0.71227 Support Zone.
Pattern: Rectangle on 4H.
Signal: Scalping within the soft Support - Resistance range (10808 - 10955). Hard range (1077.50 - 10990.50) can be also considered by those who seek maximum profit but on greater risk.
Target: Short TP 10820, Long TP 10940.
This is a simple Elliot Impulsive/ Correction Wave analysis of a hypothetical upcoming market recession based on the Dow Jones Industrial Average. The crash is modeled after the 2007 - 2009 Sub-prime mortgage crisis.
This projection is based on the assumption that the ABC correction wave will drop lower then the (2) impulsive mark by -12.85%. The A B points are...
Pattern: 1D Channel Up. Attention needed as the pattern was previously violated by Brexit fundamentals.
Signal: Bullish as the price tested and held the 4H support (1.2706).
TP = 1.2875 as long as the support holds.