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Short term GU is fulfilling a bullish move but in the grand scheme of things there is a liquidity gap to fill and so I expect a turn around when price completes it's retracement to the daily zone.
Price showed a marked reaction to a monthly zone and broke bullish market structure. Expecting the drop to continue in the direction of the next monthly zone illustrated by the red horizontal lines on my chart. It is also possible that price might pull up a bit more before dropping.
This is an optimistic one to be fair. However it is safe to assume that the current move is due a B-C retracement soon. If I get one to the marked zone then I would expect a long term C-D buy and hold to play out. Market structure on higher timeframes is very bullish. This is made obvious by previous swing highs being surpassed steadily. One to stalk.
Price is now at a monthly level. I usually take this to mean a strong reversal is imminent. Reactions from monthly levels can be traded intra day for short term gains or even held for a few days. Price is at a sweet spot between the 61.8 and 78.6 fib levels and the bearish market structure has been broken significantly. Looking to enter about now and target the ...
I see that market structure has broken in a bearish direction and price has now returned to my supply zone. Now looking for a reversal signal like a doji or engulfing to further confirm my entry.