I suspect a quick retrace probably overnight followed by a bounce early next week for next attempt at new high, however to reach 214 would require momentum plus serious buying power as there is a lot of resistance at 213+ So very short term bearish
This should be read in connection with Saturdays gap analysis chart. Trend breaks move to test 207.60 range at bottom of blue Fibonacci band. Note pitchforks drawn using co-ord entry of high and low prices for accuracy - not arbitrary placed trend lines
Trend since 2012 - Orange central line aka Median price, It has been tested several times but only broken on downside 4 times followed by a rapid rip up. The median line exerts an attractive 'force' from above and below This is an example of a Schiff Pitchfork, unlike ordinary trend lines its positioning is not arbitrary Note position October 2014 was...
This is SPY plotted in monthly bars since 1994 to 2022. I have used a Schiff Pitchfork for Median line analysis. All prices should oscillate around median price until trend breaks. The current trend has held since 2010 and prices have been arcing away from median since. However, rate of growth is slowing and could turn negative in next couple of years....
The CAD continues being one of the strongest currencies, whereas the JPY is rather neutral. So let's see, if this pair can break through the 97.7 resistance and get to 98, and potentially even to the median line. Unless price breaks directly through the bear trend line, we should expect a bounce off the lower median line parallel, which may occur somewhere in the...
Idea is based on a combination of Elliot wave theory and median line analysis. Chart contains all reasoning behind this setup along with a target and stop loss. Good Luck. If you trade acoording to this idea please do so on your own responsibility. This Idea is a mere reflection of my own point of view.
We are sitting above a strong support line, expect price to reach the upper parallel of the gray pitchfork, once broken and closed above ---> price will reach the 0.95 ish area before it starts retracing (or going further up). Please check the chart for the target/ stop loss.