Why I think the tops in
Elliott Wave Structure Completed
We’re now at the conclusion of a 5‑wave impulse (i→v) that tops off within wave (1), followed by an A‑B‑C corrective sequence. Wave C peaks right inside a major supply zone — classic exhaustion of bullish momentum.
Resistance & Trendline Rejection
Price hit a red supply/resistance area, tested it, and has already broken back below the short‑term upward trendline. That break is a reliable early signal that the uptrend is losing steam.
Bearish Continuation Pattern Forming
The drawn schematic suggests a sequence of lower highs is setting up—then a break toward the blue support zone near 196.60–197.40. All signs point to a deeper correction or even a fresh downtrend for wave (3).
Technical Confluence at Wave (2)
Wave (2) ends within multiple layers of resistance: a price zone, a wave count, and a rising wedge. Combined, this quadruple confluence is a textbook reversal scenario.
Macro factors support a top:
Central bank divergence is flattening
Yen may rebound on global uncertainty
Sterling faces domestic fragility
Elliott Wave Structure Completed
We’re now at the conclusion of a 5‑wave impulse (i→v) that tops off within wave (1), followed by an A‑B‑C corrective sequence. Wave C peaks right inside a major supply zone — classic exhaustion of bullish momentum.
Resistance & Trendline Rejection
Price hit a red supply/resistance area, tested it, and has already broken back below the short‑term upward trendline. That break is a reliable early signal that the uptrend is losing steam.
Bearish Continuation Pattern Forming
The drawn schematic suggests a sequence of lower highs is setting up—then a break toward the blue support zone near 196.60–197.40. All signs point to a deeper correction or even a fresh downtrend for wave (3).
Technical Confluence at Wave (2)
Wave (2) ends within multiple layers of resistance: a price zone, a wave count, and a rising wedge. Combined, this quadruple confluence is a textbook reversal scenario.
Macro factors support a top:
Central bank divergence is flattening
Yen may rebound on global uncertainty
Sterling faces domestic fragility
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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.
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.