Within the Level of 93, it has been 4 times of rejections took placed. Price has show multiple failure to push up. Apparently, a rising wegde is forming as well.
By looking at the Blue AP, price seems to be getting further away from the ML, thus high chance that price might dive down. Stay tune for more updates tomorrow.
Thanks & Happy Pipings =)
Current over trend is showing strong bearish sign as can seen from the lower highs from the chart.
According to Pitchfork Theory, when price started to move away from ML, it will signify potential opposite move (Which is the down move i am anticipating to happen, hopefully =)
Good Luck Trading
Price wasnt manage to close above the U-MLH and thereafter that price is moving sideways and current price is retesting on the ML, if price manage to close below of the ML, high chance we can go for short position.
The dotted black trend line also shows bearish move are very likely to happen..
The highlighted Pin Bar shows a very good rejection to the resistance level of 135.800.. by looking at the solid line andrew pitchfork... multiple bars have test and retest on the Lower-MLH. therefore it is pretty sure that with the pin bar on bar chances of price to move down is pretty strong..
Happy Pippings =)
on 19/9/2014, a huge bearish pin bar form and shows rejection to the 179 level and also to the upper line of the pitchfork. It seems like the down move of this is very likely to happen. first TP can target at the med line of the AP or next TP can be set slightly further away to the lower line of AP.
Previously, price have been moving along the med line of the pitchfork and able to push back up to the upper line of pitchfork.
For the past few candles, situation seems like price not able to push further up from the upper line, therefore chances of short towards the med line again is possible. Looking at the overall pic we see a huge descending triangle is ...
Any further rejection candles appear to the AP's Med Line will give a potential short entry a go!
But also be very aware that price have been moving down very strong without any huge retracement take place.
Will wait for few more days to monitor the candlestick pattern =)
The Red colour box = Fibo Cluster
The Green colour box = Minor Fakey (Price Action)
Base on the Fib Fan and the Fibo Cluster it seems like price will be able to hold back for the time being. A small short entry might be possible .. I wont be looking into a huge down move for the time being. Probably just another small retracement prior next move up..