AUDUSD was in an uptrend since approx the beginning of the year. In May the pair failed to make a new high and since then began a range, which broke the trendline. The new recent high made at the beginning of July looked to restart the trend, but instead signaled bearish divergence, as the the RSI failed to make a new high as well. I am waiting on a little pull...
Dow Jones, like the S&P, are destined to rise before the long-awaited correction. Judging by the volume of the past month or so, large bets have been placed on the long side. As for the past trading day, the large volume bar was a pseudo-indecision bar. I'll be on the sidelines for right now, as I would have entered at the completion of the Gartley that formed.
I believe the S&P will continue to trudge higher until we begin to see great sell pressure at highs leading to the long awaited correction. This Gartley, along with RSI/MACD divergence and high VOL at the lows, presented a nice opportunity to buy relatively low in hopes of another push towards the highs.
Idea is based on a combination of EW theory and median line analysis. The rationale behind this setup is shown on the chart. Unfortunately due to the dynamic nature of my TA I cant give you a fixed stop loss for the LONG setup. Use the RSI and watch price action to determine where to go LONG!. Please zoom out to see the pitchforks which I use.
Idea is based on a combination of Elliot Wave theory and median analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop losses. Good Luck!
Sold some of my earlier long looking to get back in around 586-590. RSI broke uptrend on hourly.
Nothing much to say: bearish bat, TL, overbought, RSI divergence
Although RSI divergence suggests bearish turn, there's enough room for Aussi to hit the bat or, perhaps, the gartley for a short
This shark "grande" with very clear RSI div should push the price up with T1 slightly above the 10$ mark
AUDCHF rallied to 8388, to top channel TL. The ABCD has been completed @8368, spiked higher and ret. only to 23.6fib. The spike down almost closed the gap to the breakout level. Expected ret. to at least 38.2 if the PA will cont. upwards. Good support at 83 level. Possible dropping to lower channel boundary but so soon. The strong RSI div. shows exhaustion of this...
1.Deep bearish cypher 2, AB-CD 3. RSI overbought with divergence 4. 1.50 even handle 5. Fib. cluster
PA might bounce on the bullish bat @8212 just enough to hit the T1 @8355 and cont. down to complete the AB-CD @81 odd handle. Even a dip down to 8047 to engage the bullish butterfly might be possible. The RSI div. shows that a stop @82 is likely and a correction might occur.