Alternate view to Impulse
Updated
Alternate view to short position.
Correction structure respects retrace zones 61.8, at worse a deep retrace into the 76.4, but should never pass that, if it does, then we are looking at a pattern failure to the down side, and expect a bullish trend instead.
If I were to take into consideration the previous double top pattern @ 1.8720, that area had also respected a 76.4 retrace zone.
Overall analysis is still bearish, but I do have to keep in mind that we are at a very tail end to a possible reversal or bigger correction structure in the near future.
Happy Hunting.
Correction structure respects retrace zones 61.8, at worse a deep retrace into the 76.4, but should never pass that, if it does, then we are looking at a pattern failure to the down side, and expect a bullish trend instead.
If I were to take into consideration the previous double top pattern @ 1.8720, that area had also respected a 76.4 retrace zone.
Overall analysis is still bearish, but I do have to keep in mind that we are at a very tail end to a possible reversal or bigger correction structure in the near future.
Happy Hunting.
Note
After reviewing the market, I came down to a conclusion that the structures we are seeing now, is part of a much bigger correction structure within a Bearish Weekly Structure, either a Bigger Flat, or possible Triangle Pattern in the works, being that everything in the structure are a very complex corrective structure mixed all in one.Note
Consider this as a big correction instead of a bullish reversal, the weekly structure is still bearish in nature
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