In the previous downhill price consolidated for about an week where 50% fib was a strong support with monthly pivot point just below it.
Now the price is in a downhill again and sure enough, price is consolidating in the same area and 50% fib is acting as a support.
Looking for the break below 50% level (closing 4h candle).
Possible flag pattern also, but it...
Price has been in a tight channel since June.
Looking for a break from the channel, meanwhile trading the channel rejects and bounces.
After the break from the yellow channel, looking at the pitchfork channel for reject/support and from where break could be a significant signal of change in the price action.
Looking back how this uptrend has gone it looks like it...
4h candle closed nicely on upside. Subtle bullish PVT. Resisted the lines. Daily candle almost at open.
Looks like a good place to long, although, might still test the lines.
SL below lowest previous test.
Let's see how it goes.
Disclaimer: these analyses of mine are extremely flimsy.
This pair is in very interesting place.
Break through the trendlines is inevitable, just a small matter of 'when'.
If I had to guess, I'd say the eventual long-term break will be to downside, but we'll see how it goes.
In the meanwhile, there's some serious profit to be made, and make I shall.
Right at this moment:
(inclined to short, but I'll wait for the...
