I have my suspicions about this being a great & retest, as why we haven't seen a continuation to the downside but merely some sideways action.
Looking left, we see an area of supply on the H4 which failed to drive price lower, furthering my suspicions of a bear trap and a potential move higher.
Right now it look's like we're trying to trade higher into the 20/50EMA wave, based on price action as it currently stands.
There's too much conflicting information on all timeframes for me to build a thesis for an entry into the market.
I'm not confident that a break above the 50EMA on the daily will confirm anything either. Looking left we can see this...
Zooming into the weekly this looks to be painting a different picture.
Underneath the surface of the Monthly structure and most recent candle formation, it would appear there's conflicting information.
There may be a new trend forming, but we're a long way off confirmation for that to be considered in our analysis at this stage.
Looking into the structure of...
Starting from the Monthly trend, which has been bearish since May 2014, you can see we've been making lower lows and lower highs.
In April 2017 we saw a breakout from 6 months worth of consolidation, coming back to retest the zone in June before making its' way higher forming a lower high at the 50EMA. Was this a correction or the start of a new trend? Could it...