I see a monthly falling wedge pattern, and a nice single candlestick reversal formation at a key monthly supply zone signaling a possible reversal. Taking out my fibs from low to high I get some confluence at the monthly 110 zone most likely a 61.8 retrace and shoot up giving us about 600-1000 pips.
Comment:
Forgot to add.... I would be creating a possible inverted head & shoulders if it retraces to the 68.1 in confluence with the 110 demand zone & monthly trend line of falling wedge.
Trade closed: target reached:
Price dropped a whooping 500+ pips just as expected giving us a take profit of 500 pips from entry @ 114 down to 109 & a 80 pip stop loss @114.80 and 22pip max drawdown on the first day only.
Comment:
Now its time to be patient, and wait for the big rise.
