The pair has formed a double top on the daily time frame near the upper channel. MACD-H Shows weakness of the bulls at the right side. this confluence a bullish divergence.Price pulled back @ 61.8 % feb
on the 4H TF the last three bars failed to break above the 61.8 resulting a formation of long wicks and had made a lower low highs indicating the weakness of...
I will take the short to sell if the wedge is broken. the good place to sell is after the PB. MACD-H is showing a completed classical divergence. this motivate me that we are about to see more decline to the south, however the money management must be in place correctly to avoid market uncertainty.
If we can not break below the trend line then we shall look for bullish formation and pattern to complete the right wing of the Cypher.
Our next target will be around 1.8733.
This pattern is only valid if and only the trend was not violated.
It is more likely for the pair to rally and visit 3700.00 if the the strong support at 3662.8 remains unbroken.
If successfully broken with no fail breakout then our next target would the trend line which started in April 2016.
the correction phase is at its last stage. and then we may have another impulse bullish move if the triangle is broken successfully from upside.
- Weekly chart
( Bullish uptrend ) bullish weekly bar.
- MACD Histogram
the histogram is printing a lower bar then the previous one below the zero level.
there is a double bottom in the histogram
- Elder impulse system...
If we can get a PB to PREVIOUS support preferably at 1302 area. This will be the first leg of the second ABC. then we shall be looking for bullish formation and pattern to go long to our next resistance where the C leg will be completed.