After the V bottom recovery, we hit resistance on the monthly timeframe. Watching the move back up, we're hitting resistance indicated by the red line, and also showing a wedge pattern with a touch of the top. The minor move up just completed a 5 wave series, so we should see this retrace to the 78.6% of the smaller fib as that should end the 5 wave structure...
Finding support here. Also have a head and shoulders, while breaking back above a major trendline. Expecting price to come up and close above support on the monthly, with a possibility of breaking previous highs. If so, then well see a pullback to the downside before making its larger impulsive move up.
Seeing price consolidating, and seeing signs of a move higher.
We broke out of the daily support zone that price has been ranging in, but there's a lot of price action below that it needs to break to make the move down.
I think we're seeing the price action hold up here, and possibly present a fake break out of the range, and move back higher.
We should come back...
We see price rejecting off the trendline twice now.
The two touches can be seen as an ABC correction of the previous move up (minor 4th wave of the major 3rd wave).
One more leg up to complete the 3rd wave, and then we'll see the big drive for the 5th wave up to the 88.6% after BOJ and UK news come out.
Looking for a big correction as well after.
Big run up last week breaking a lot of previous highs indicating bulls are in play.
Caught at resistance right now, and expecting a pull back almost as big as the run up from last week.
Long term expecting this to go much higher, but for now the short retracement looks like a good play.
Price has been in a channel for a few weeks now. We're on our way up to touch and exceed the top of the channel before we see the short.
Looking to make a few trades along the way.
On the 5 minute, we're in a channel and waiting for the breakout and retest for the long.
Price went higher than expected, but short is still in play.
Break of current trendline, will lead this down further.
On a monthly timeframe, the 137.865 level is where price went before it's huge move up.
Back a few years, price placed in a range where recent highs hit the high level of that range and the 137.865 level is the bottom of that range.
We see price in a channel indicated by the white parallel lines.
Bounce off the top, then a move back up and now resting against resistance.
There's an area of confluence at the bottom of the channel created by the teal trend lines.
Elliot wave wise, we see this as the 3rd wave after reaching the 38.2%.
Looking to come down for the correction past the...
Price completed a 5 wave structure on the daily.
We hit some resistance targets, and now looking for the correction.
On the 4H we can see a potential head and shoulders.
Looking for the light blue line as the resistance before sending this back down.
Long term target is the 78.6% FIB level.
Shorter term targets are the 23.6% on the purple smaller FIB.
Looking for the retracement on the big move that happened over the course of a couple of months.
The retracement may be a 5 wave pattern indicated by the purple FIB.
We see wave 1 complete at the 61.8%, and then wave 2 stopped on a dime at the 78.6%.
Looking for 38.2% and then 23.6% to complete the wave series.
Once we break the current support trendline, we can...
Green parallel channel inside of a larger yellow parallel channel.
We have a completion of a 5 wave pattern, with price extending further past the 23.6%, but still respecting the 100%.
With stops above the 100%, we should see this move down to the 78.6%.