Will be interesting to see if the bullish move in GBP/USD continues. Obvious last pullback to 0.618 retracement. If we can break above structure to form new highs then a target of 1.272 extension looks reasonable with a 1:1 move from previous as well.
DAILY/4HR Inverse Head and Shoulders Top formed.
(Head and shoulders top after a
bearish move, signalling continuation.)
Right shoulder formed, and crossed neckline,
meaning we missed the breakout entry, however,
since I have a strong enough CTS score I am looking
for a pullback final chance entry.
CTS Scored as follows -
Neckline Break - 1 Point
Price action has recently broken previous support and put in a lower low, lower close and has now retraced back into structure (now acting as resistance) taking a fib measurement from the A leg down to the B leg we can also see price has retraced up to the 618 level!!! with the RSI indicator being over brought!!!
looking to short the C Leg taking profit target at...
I am watching this pattern for some while. I do not like the fact the price retraced almost 38,2% already before triggering an entry => some short term buying potential is already gone.
In addition, I will pay attention to the 1,272 & the 1,618 extensions of the latest swing as potential alternative entries, instead of entering aggressively.
I see price...
EURJPY battling to break the 127% extension. looking for trendline break to open up a potential retracement to 118.50. Will drop down to 60 min chart to look for short opportunities if we see a trendline break.
Eurgbp gapped up this morning and is now hovering around the top of a descending channel that also lines up with the 50% fib of last move after a few rejections. if we stay below the 50 on a 4 hour candle close that will present a short opportunity down to test the longterm 50% Fibonacci from the brexit rally at 0.84160
We are in a quite important time for gold at the moment, My view on the commodity is bearish longterm down to potentially 840.00. That said Gold is currently showing another short term selling opportunity opportunity. After breaking 1200 last week (which I called in a previous previous gold post) we are currently retracing slightly back up to that level once more....
gold is currently presenting a decent shorting opportunity. it is showing multiple rejections of the 38.2 fib and is currently being capped by the 50 ma on the 2 hour. A strong close back below the 38.2 and we could see a continuation lower to the 1.27 fib extension which also lines up with weekly support. targets at 1194.63 area