Monthly: On the monthly timeframe we have a few key things going on. For one we have an overall downtrend that has been respected since 2011. Next we have a downtrend that was respected from 2015, with an underlying uptrend also from the 2015. Together these trendlines have created a bearish variant Symetrical Triangle structure. Market is currently at the 5th point of this structure which based on market structure means that it should continue bearish break that zone, retest and then continue. Also there is divergence forming indicating a reversal, which is interesting but not surprising because price just got down to this low point. This is an overall perspective on the highest possible timeframe, so my bias here is bearish.
Weekly: As we get into more details we saw that price broke the previous break of structure and also broke the major trendline, indicating that the bearish momentum was going to continue. Obviously when there is a break, there must also be a retest and market did just that. Broke the lines, and retest the trend line before continuing down. The structure we are observing had a clean 61.8 retracement and has now move down to the -61.8 point completing the structure. So now we have to pay extra attention to our rules. We know that -61.8 means that a reversal is on the horizon, and we also have a long rejection wick from that price as well. We are expecting an overall bearish movement though so we may be looking for a sell at the previous break of structure and retest to continue the trend. We also have divergence here as well, indicating a reversal. My current bias on the weekly is bullish.
Daily: The details of the Daily timeframe aren’t too much different from the weekly however I added a trendline and a break of structure zone. The expectation here is that the break of structure zone will get hit and that market will retest this trendline before continuing it’s overall downward pattern. Daily bias is bullish.
4H: The market has been consolidating at this -61.8 zone for about a week, with 2 levels of higher timeframe divergence indicating reversals so we are definitely going up. Based on the little bit of structure we have formed down here, from the lowest point to the first push, we have a 61.8 retracement and have marked two targets to go after. The first target is right under the weekly key level, and the next target is slightly above it. 4H bias is bullish.
Entry: The market has slowly been bullish and I have seen that we have tons of retracements and targets being hit. The most recent was a 61.8 to -27 and then it retraced to 78.6 and has since been going up. On that small fibonacci the target has been hit so we are expecting it to come back down and retest that 78.6 zone, where I have placed an entry to get us to the first target. The market is going to restest that bullish trendline, and I put an entry right underneath the trendline, that will be the perfect sniper entry for a smooth 1:6 trade, Entry bias is bullish.
Weekly: As we get into more details we saw that price broke the previous break of structure and also broke the major trendline, indicating that the bearish momentum was going to continue. Obviously when there is a break, there must also be a retest and market did just that. Broke the lines, and retest the trend line before continuing down. The structure we are observing had a clean 61.8 retracement and has now move down to the -61.8 point completing the structure. So now we have to pay extra attention to our rules. We know that -61.8 means that a reversal is on the horizon, and we also have a long rejection wick from that price as well. We are expecting an overall bearish movement though so we may be looking for a sell at the previous break of structure and retest to continue the trend. We also have divergence here as well, indicating a reversal. My current bias on the weekly is bullish.
Daily: The details of the Daily timeframe aren’t too much different from the weekly however I added a trendline and a break of structure zone. The expectation here is that the break of structure zone will get hit and that market will retest this trendline before continuing it’s overall downward pattern. Daily bias is bullish.
4H: The market has been consolidating at this -61.8 zone for about a week, with 2 levels of higher timeframe divergence indicating reversals so we are definitely going up. Based on the little bit of structure we have formed down here, from the lowest point to the first push, we have a 61.8 retracement and have marked two targets to go after. The first target is right under the weekly key level, and the next target is slightly above it. 4H bias is bullish.
Entry: The market has slowly been bullish and I have seen that we have tons of retracements and targets being hit. The most recent was a 61.8 to -27 and then it retraced to 78.6 and has since been going up. On that small fibonacci the target has been hit so we are expecting it to come back down and retest that 78.6 zone, where I have placed an entry to get us to the first target. The market is going to restest that bullish trendline, and I put an entry right underneath the trendline, that will be the perfect sniper entry for a smooth 1:6 trade, Entry bias is bullish.