POTENTIAL BEARISH MARKET EXPECTED
1)ON A WEEKLY CHART WE SPOTTED A REVERSAL ON THE 61.8% FIB LEVEL WHICH CAN BE A SIGNAL FOR A FORMATION OF A BEARISH HARMONIC PATTERN. WE EXPECT THE MARKET TO DROP DOWN TO 23.6% FIB RETRACEMENT OF OUR ASSUMED XA LEG WHICH LINES UP WITH A PREVIOUS SUPPORT LEVEL.
2) LOOKING AT H4 WE CAN SEE A STRONG SUPPORT BROKEN NOW THE MARKET SEEMS TO BE MARKING A BULLISH RETEST AFTER THAT WE LOOKING FOR A BEARISH MOVE TO TP1.
3) OUR STOCHASTIC OSCILLATOR IS ALSO COMING FROM AN OVERBOUGHT POSITION ON A WEEKLY TIMEFRAME.
2) LOOKING AT H4 WE CAN SEE A STRONG SUPPORT BROKEN NOW THE MARKET SEEMS TO BE MARKING A BULLISH RETEST AFTER THAT WE LOOKING FOR A BEARISH MOVE TO TP1.
3) OUR STOCHASTIC OSCILLATOR IS ALSO COMING FROM AN OVERBOUGHT POSITION ON A WEEKLY TIMEFRAME.
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