Broken RSI bullish trendline and massive RSI and price divergence telling that bullish moment most likely lost. Bollinger Bands overbought and price rejected from the bottom of broken bullish channel (weekly chart)
Hi there, that my little bit messy chart..
1. Structure support matching with Camarilla Monthly and Daily support;
2. Bollinger Bands signals to buy + RSI ready to break downward momentum trendline;
3. Negative correlation with gold confirms as gold almost break bullish trendline
p.s. time balance looking very interesting because on Trump inauguration day will...
1. Pitchfork: price is falling from bullish channel center and from the top of bearish channel
2. Time balance: January 3 was 50% retracement in time of previous downtrend impulse
3. Elliott wave: Looks like second wave is finished on daily, because we got 5 waves down and retracement to 61.8% fib on 30min chart
4. Chart Pattern: Double Top confirmed
Almost across all pairs on my charts I'm expecting £ strength in near future . With Brexit priced-in and after today's BOE rate decision I can't see nothing bearish in fundamentals for UK. Let's make some pips..
IMF economic outlook possible will trigger sell-of in stocks and it will bring oil down. We will see soon.. Five waves up is most likely finished although there still space for wave 5 until 46.28 in my ew counting
- 100% ext of previous Range(A)
- RSI broken trendline and test + divergence
- Pitchfork trendline resistance
- Strong correlations with USDCAD, AUDJPY and SPX, potential reversals setting up on them is well so need to watch closely for confirmation.
Considering to take a swing trade or to scalp rallies, depends from the momentum and what risk trends going to do...