Morning guys,
So, as we've said last time - we go from one major resistance to another and nearest was major 5/8 on weekly around 13500$. It has been hit.
We do not consider right now our major target here of 15.3K, just because it stands beyond weekly Overbought and we do not need it for few weeks probably.
As a result we've got DiNapoli bearish "Stretch" pattern here on weekly, as combination of Fib level and OB and huge shooting star pattern. Thus retracement stands on horizon.
But the question is - whether this will be major retracement to 6-7K$ that we're waiting or tactical?
For major retracement some extended bearish reversal pattern has to be formed either on daily or 4H chart and we will keep an eye on it.
Meantime, as we've got huge bearish engulfing pattern on daily, we could count on AB=CD pattern somewhere to 8.8-9K area. Now BC leg is forming.
Thus, for short entry - watch for intraday "222" Sell pattern at some Fib level. For long entry on daily chart, it would be better to wait at least until major AB=CD action ends. So long entry is not the subject of this week.
So, as we've said last time - we go from one major resistance to another and nearest was major 5/8 on weekly around 13500$. It has been hit.
We do not consider right now our major target here of 15.3K, just because it stands beyond weekly Overbought and we do not need it for few weeks probably.
As a result we've got DiNapoli bearish "Stretch" pattern here on weekly, as combination of Fib level and OB and huge shooting star pattern. Thus retracement stands on horizon.
But the question is - whether this will be major retracement to 6-7K$ that we're waiting or tactical?
For major retracement some extended bearish reversal pattern has to be formed either on daily or 4H chart and we will keep an eye on it.
Meantime, as we've got huge bearish engulfing pattern on daily, we could count on AB=CD pattern somewhere to 8.8-9K area. Now BC leg is forming.
Thus, for short entry - watch for intraday "222" Sell pattern at some Fib level. For long entry on daily chart, it would be better to wait at least until major AB=CD action ends. So long entry is not the subject of this week.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.