CADJPY SHORT - SUPPLY, ELLIOTT WAVE, RSI, PITCHFORK
BACKGROUND
We are at a supply order block which caused a break of structure. There is plenty of Asia-low liquidity waiting for us below. All the imbalances have been filled as well.
So, the immediate bias is to look for a drop in price.
SUPPORTING EVIDENCE
1. We can see a 5 wave Elliott wave forming. Very frequently, wave 1 is equal to wave 5.
2. We can see a clear simple RSI bearish divergence.
We are at a supply order block which caused a break of structure. There is plenty of Asia-low liquidity waiting for us below. All the imbalances have been filled as well.
So, the immediate bias is to look for a drop in price.
SUPPORTING EVIDENCE
1. We can see a 5 wave Elliott wave forming. Very frequently, wave 1 is equal to wave 5.
2. We can see a clear simple RSI bearish divergence.
Note
Target the median line of the pitchforkNote
Wyckoff distribution
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.
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.