The world seems to be changing around us, and the US economy seems to be changing as well.
Bond markets look like they're bottoming out, and showing signs of bullish behavior.
Gold is doing the same.
All indicators that the US market will fall as they are inversely correlated.
The US has a lot of debt, and innovations to decentralize current processes are emerging ...
Failed head and shoulders brought price higher. Now we're looking for the pull back and retest back into the 78.6% level to finish the correction.
Looking for a big move up to retest long term support turned into resistance.
Price broke out of a falling wedge, and is heading up in the medium term.
However, we broke out of a support trendline, so we're going down prior to the up move.
In addition, a wave 5 pattern completed (wave 3), which should send this down to the 78.6% level (wave 4). This level is coinciding with the wedge channel and other trendlines.
For the move up, i'm ...
Price bouncing at 140.3 area was the end of the 5th wave of the down move on the daily.
We are currently in the correction phase, where A has posted, and now we're in the middle of the B wave down.
Within the B wave, the first wave down and second wave up has posted as well. We're looking for the 3rd and final wave down to clean up wave B, and start the major C ...
Price broke out of the green trendline and got stopped at resistance at 7600~.
It went for another attempt at that level, broke out, and then fell back down creating a fake break.
Approaching that level again to retest, and then expecting a drop into 4000~.
We find long term trendline support and the 78.6.% fib level.
Considering it broke out of the green ...
GBPJPY had a quick run up and past the 38.2%, with no pull back to the 50%. This is the 3rd wave, so i'm expecting it to hit the 23.6% with a faint touch, then head back down to the 50% for wave 4.
Looking for a higher level to touch channel lines for wave 5, which is also the 61.8% of the large down move.
Ideally looking for the 78.6% as a target, but will keep ...
Been working on the long on GJ, but seeing a lot of drops. We've now hit the channel bottom, and finished a mini 5 wave structure (C leg of the B move down) into the 23.6%. I'm taking a long from here with a stop at 142.805, and holding. Expecting this to be the last low point before the move higher.