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SEK weakness continues to reign , previously we saw a potential double bottom (DB) form with the February low (pattern later confirmed with a break of the neckline in April) and had further reason to be convinced of the reversal with an A-B-C reversal pattern forming off the same Feb low.
After reaching a YTD high of 8.9159 we saw a ner retest of the DB ...
Good Morning Traders!
We saw a sharp decline in 5 waves down to the 3 month low. From This point, I expect at least ABC correction in this market to 38% Fib lvl -0.51% . Nevertheless UK economy is in a SLEEP MODE and chances of another Intrest Rate hike by BOE in May is nearly 0.
From Daily chart, we can see that Price is hovering near 200 MA and uptrend ...
Bearish short term but could be the end of the correction soon after 1 more wave down to complete the ABC correction.
New to the crypto game so helpful advice wouldn't go amiss
Looking for price to reverse at completion of the Gartley pattern and ABC correction, between $7000 and $8500. Use your own risk management strategy for stop loss, target 1.618 of XA at $30487.
Fib level 78%
ABCD trading C-D Leg
strong daily resistance