Potential Bearish Outlook
The market is on is currently at a major resistance in the market in a rising wedge setup, where price performed significant reversals and trend changes in past events. We may be seeing a similar occurrence again as price approaches this level.
Price had also performed 5 waves towards the bulls, though the most recent impulsive waves (3th and 5th) appear weaker than the first two impulses. This tells us that the bull momentum is likely getting weaker and we may be seeing a trend shift to bears in the market towards the support at 1.192.
We may be able to take a good swing position with this trade and execute re-entry setups at 2 and 4.
Analysis is invalid if price performs a significant breakout at the resistance.
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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.