this analysis is showing both ways warnings! so with evolving and every new information and move that the market is making we can read the intentions but everything can change, so ill try to explain euro pound here.
on daily tf is showing big divergence and is at the daily resistance and after the first motive 5 wave structure we can take all that (white correction) as a corrective running or expanding flat and naturally we r going down...
well not so fast...
here on the chart im seeing a three wave move down ( red counting ) which implies on correction and not on motive for change of direction. that strong move up may turn in to B structure of the correction, so as iv said, as shrodingers cat until we get more info we cant know whether trend is dead or not ;)
p.s. divergence is not always showing change of direction, some times its only a correction before continuing. as shown with yellow lines!
on daily tf is showing big divergence and is at the daily resistance and after the first motive 5 wave structure we can take all that (white correction) as a corrective running or expanding flat and naturally we r going down...
well not so fast...
here on the chart im seeing a three wave move down ( red counting ) which implies on correction and not on motive for change of direction. that strong move up may turn in to B structure of the correction, so as iv said, as shrodingers cat until we get more info we cant know whether trend is dead or not ;)
p.s. divergence is not always showing change of direction, some times its only a correction before continuing. as shown with yellow lines!
Comment:
soo.. that was all the correction.?!? who would know. i was expecting bigger tf and more complex correction, buy it made on smaller time frame...