I think it's time for UJ to break the unbreakable level 110 of the year. As we have some speeches that might affect USD, we can anticipate that the currency will become stronger, break the 110 level and start a formation of new HHs of this year. Right before a bigger increase in momentum we can see an inverse head and shoulders that might be the main indicator of...
The huge market structure of a downtrend was broken, we can see the reversal pattern ''double bottom'' which leads us to the formation of new market structure - possible uptrend. Right now we can see the formation of a bullish flag and we can expect the market to continue growing till 1.715 quarter point. I am looking for a breakthough and retest of 1.71
If the price retests 50 fib as a support, we can expect creation of higher highs or formation of double top. 50fibs overlapping with quarter level 1.715
FORMING AN UPTREND. MULTIPLE ENTRIES ON EACH PULLBACK WHICH MIGHT RETEST THE PITCHFORK LEVELS WHILE RESPECTING THE TRENDLINE. WE MIGHT EXPECT A DRASTIC DROP ON THE PRICE BY THE END ON LONDON SESSION ON 12/20
#1 IDEA: THE RETRACEMENT REACHES 38.2 WHICH IS ALSO A QUARTER LEVEL, RETESTS AND CONTINUES AN UPTREND
#2 IDEA: FORMING A DOWNTREND, THE PRICE BREAKS THROUGH THE QUARTER LEVEL AND 38.2 FIB, RETESTS THE LEVEL AS RESISTANCE AND CONTINUES GOING DOWN
#3 IDEA: THE PRICE RETRACES UNTIL FIBS 61.8 AND FORMS AN UPTREND
TO SUM UP, LET'S WAIT WHAT HAPPENS AT THE LEVEL OF...
I have drawn support/resistance on M, D, 4H, 1H, 30M, 15M.
According to Fibonacci levels and MRAs, the red line has been drawn. It shows the expectation of the market movements.
