We have a Gap open at 7567 from 05/07/2019 to 07/07/2019.
Bespoke support is located at 7470.
We look for a re-test of the upward trending support.
There is scope for mild selling at the open but losses should be limited.
Preferred trade is to buy on dips.
We look to Buy at 7470
Target 1: 7560
Target 2: 7650
Daily market report July 8th...
Inditex is facing a great bullish momentum:
After the downgrade of Morgan Stanley -17%, they have reported solid quarterly results reaching USD 12 Bn of revenue for the first time, remaining its clothing leadership.
-Spanish equities negative momentum was sending Inditex downwards, however IBEX 35 is back again above 9.200 level...
On the daily chart: SXX gapped down through its 200 EMA, a bearish sign
BUT found support at 23.5 on it's weekly 200 EMA
Stochastic on daily chart is trending down and could result in another decline
Also filling the gap at 31.72 could trigger fresh round of selling.
Let's see what happens.
UJ just complete the 5th Elliot wave, now I see a little correction to continue to the upside until Daily trend line. At that point we will see how the price reacts.
40-60 pips on short to start the week and also to fill the GAP and finish pullback.
EURUSD demonstrating bearish momentum with the price consolidation (Bullish price becoming more narrow) which represents a weakness in the bulls. We have a channel as seen on the chart with 5 waves complete with the formation of a bearish belt hold formation. 1.100-1.1100 being a key holding area we can expect price to fill the gap which is a 50-61.8% retracement...
Gap still yet to be filled. In an uptrend on higher tfs. Price has broken the 200sma and retested, now clearly stalling. Good time to get in for the gap fill. Price can potentially reach 20775, we'll see how price reacts if it reaches target.
*view previous EURGBP post*
Here is an update if my analysis and price has risen! I am now waiting for the 3hour candlestick to close and moving to the 45min/1hr timeframe to get pin point entry to go SHORT.
Price has recently danced around the 1.241 level and appears to be moving in a Gartley formation. The potential reversal zone is calculated to slightly below this level but this is still indicating that price will bounce when the level is next retested. It may be wise to drop to the 1hr chart to seek a more accurate entry using candlesticks from a lower timeframe....
Just been entered Long in a GBPUSD Cypher on the 4H. Wasn't expecting to get entered into this but had my limit orders ready. Market has gapped down to entry. Make sure to follow your rules on if the market can or cannot gap and still be valid - for me and my backtesting, this hasn't mattered.
Hoping for the usual targets, so will be paying attention to...
GBP/USD GARTLEY: Staying short on the pound, for obvious reasons. Here is a bearish Gartley parrtern likely to form on the 1H chart. Further consolidation on this pair is imminent considering recent happenings surrounding the EU negotiations and the upcoming US presidential election.
BC: 0.382 - 0.886
CD: 1.272 - 1.618