AS WE STALL ON A KET LEVEL IT LOOKS AS IF WE COULD BE ON FOR THE 1.27 EXTENSION TO THE DOWNSIDE
I BELIEVE AFTER A BREAK OUT WE ARE GOING TO RETEST LOWS/ INSDIE BAR BEFORE CONTINUING TO PREVIOUS HGIHS
BELIEVE PRICE NEDS TO RETRACE, WILL POP UP FOR LIQUIDITY BEFORE DROPPING
AFTER A BREAK OF THE INNER TRENDLINE, AND MY HOURLY YELLOW REISTANCE I BELIEVE THIS PAIR HAS RUN OUT OF STEAM AND IS GOING TO RETEST PREVIOUS HIGHS
AFTER A SLOW IN MOMENTUM I CAN TELL BY THE WAY PRICE IS ACTING WE COULD BE IN FOR A SMALL 100 PIP RETRACEMENT, TO REST THE CONSOLIDATION PRICE WAS SAT IN FOR SO LONG
Now as oil has reached resistance and come to consolidation I can see a butterfly pattern forming and thus lead to break and retest of trendline and continuation to downside.
will be watching price action and other confluences before i enter long or short.
if this plays it to the cypher pattern as expected which is likely according to trendlines. i'd expect to reach TP 1 or 2 which is a re-tracement of the broken trend line. then after TP is reached expect a big drop off to weekly support where the price has been riding so high.
been at an all time low, been trending bullish. I believe there will be a retest of weekly support & the daily trend line. which should co ordinate with my bat pattern. once D leg is achieved look to go long for TP1,2 & 3
if it follows cypher pattern as shown we can look to enter the trade at D if there are confluences. Down to TP1 and TP2
retracement onto daily trendline which was broken same level as (1) fibonacci level, then continuation bullish to 1.618 fibonacci level
im expecting a retracement onto the daily trendline it broke through and the (1) fibonacci level then to continue bullish to 1.618 fibonacci level
150 Fibonacci as well as confirming trend lines and a weekly resistance heading to