Current structure indicates we have a classic head and shoulder pattern in development and I expect medium term reversal.
DAX has sold off 40% from all time high and we did not have and bigger correction yet.
We have divergence in MACD indicator and possible another bullish triangle pattern in making in right shoulder of bigger H&S pattern.
This is my updated medium / long term forecast for GBPJPY.
TRADE1 : SELL 151.100 SL 153.050
TP1 146.500, IF BREAKS TRENDLINE TP2 136.300
TRADE2 : SELL 154.900 SL 157.700
if price will bounce back from lower trend line we should have also nice opportunity for buys and that woudl validate second sell...
I am strongly convinced that big weekly correction has just finished and we should have resumption of long term trend now,
There is still possibility for one more up within this structure when price will reach lower trend line however as we we are on current wave it is good idea to sell. You can look for entry on lower time frame for even much better RR.
Good luck !
We have a nice descending channel in development as a correction from the uptrend.
I expect breakout from the channel soon and you can use it as entry point for long positions to TP levels as marked on chart.
Footsie is in big corrective structure msost likely in form of expanding triangle.
We have a clear divergance in MACD which supports idea.
After big sell offon Friday punds shows signs of recovery / correction which also supports.
Price might slightly go up before drop as on lower timeframe we have possibly triangle pattern in development which can break both sides.
This is my medium term analysis for DJIA -0.01% .
I expect wave C of correction on daily timeframe to start very soon.
Price might still climb up as there is no way to tell where wave B can reverse exactly. The upmove is very limited and it is much better to wait and trade any sell opportunities in wave C.
Momentum slows down rapidly and we should have drop...
This is my medium term analysis for DJIA.
I expect start of C WAVE of correction on daily timeframe very soon.
Price might still climb up as there is no way to tell where exactly but it is very limited and it is much better to way and trade any sell opportunities in wave C.
Momentum slows down rapidly and we should have drop soon.