Euro / Swedish KronaShort
Trade Idea on "EURSEK" Short Setup by ThinkingAntsOk
Main items we can see on the 4HS chart:
a)Price has broken a major descending channel
b)After the breakout, the price made a Flag Pattern
c)Flag patterns are considered continuation structures
d)Using Elliott Wave Theory we can deduce that a 5th wave still remaining
Based on that if price breaks down the Flag pattern with close candlesticks we expect a continuation of the bearish movement towards the First fibo level as 1ts Target, and the second fibo level as the second target.
Daily View:
a)Price has broken a major descending channel
b)After the breakout, the price made a Flag Pattern
c)Flag patterns are considered continuation structures
d)Using Elliott Wave Theory we can deduce that a 5th wave still remaining
Based on that if price breaks down the Flag pattern with close candlesticks we expect a continuation of the bearish movement towards the First fibo level as 1ts Target, and the second fibo level as the second target.
Daily View:
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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.