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Probablynotgonnahappen

EURGBP Forecast: Will the price rally? EURO POUND NEWS AND ANALYSIS Recent developments in the UK are pushing the price up. The ECB Press conference might say otherwise at 14:45. Price is forming a bullish head and shoulder pattern on the monthly that's accompanied by a double bottom on the weekly time frame. Fundamental Outlook The pound has been rallying up lately. Market seems to be reacting to the appointment of the new UK's prime minister - Liz Truss, as a leader of the ruling conservative party. The campaign that was ran by Truss had a significant impact because it promised to support households through this time of soaring inflation with tax breaks cited as one of the mechanisms of easing the current cost of living crisis. In addition, Truss plans to assist in the region of 40 billion pounds to business with rising energy costs. Therefore, the promises of relief to households and businesses is likely to support the pound in the short-run. Monthly Technical Outlook As you can see, the current price is fully forming the head and shoulder pattern, bullish break and retesting the the 50 and 21 moving average to currently trying to do the same on the Monthly Half a Bat Neckline. If the price does that and continues to rally to break and retest the Monthly H&S Neckline together with bullish crossed short-term moving averages, that will signal an upcoming 3 level uptrend. But if the price bounces off the Monthly H&S Neckline with a bearish reversal pattern that leads the price to bearish break and retest the 50 and 8 moving average, that will signal an upcoming drop. With that said, we're looking at an either or situation. Weekly Technical Outlook In the weekly chart image, we have the price currently bullish running in the double bottoms 1st level. The pattern expects the 2nd and 3rd levels to be formed. That will happen if the price continues to bullish break and retest the monthly key levels that are in line with the weekly ones (as you can see). If the price bounces off the Monthly H&S Neckline, that will signal a rejection of both the monthly and weekly signal, which will likely drop the price for the monthly's bearish trend. That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share in the comments section, I'd love to know your thoughts! Stay Blessed, Sphatrades.
Long
by Doji-2k1
1
Super Longshot BTC TopNot sure why I've never posted this before, but potentially we are on Wave-4 on the larger scale for BTC (currently in Wave-B ). I've put the bottom of Wave-4 at the 61.8% retracement of Wave-3, because Wave-2 retraced 38.2% and the rule of alternation suggests that Wave-4 should cover more price range. It's also the top of Wave-1, and Wave-4 should not retrace into Wave-1/2 territory ever to be valid, so this seemed pretty reasonable. I've put the end of Wave-4 at the time where (assuming Wave-B finishes exactly in the same amount of time as Wave-A) Wave-C = A+B time. This then gives us an insane upside for BTC Wave-5. It looks like Wave-1 was the extended wave, so Wave-5 won't be massive in vertical size on log scale... however, it still could be HUGE in price as stuff gets silly on log scale very quickly at these levels. Targets for Wave-5 are based on: -38.2% of price from bottom Wave-1 to top Wave-3, measured from the bottom of Wave-4 -61.8% of price from bottom Wave-1 to top Wave-3, measured from the bottom of Wave-4 -100% of price from bottom Wave-1 to top Wave-3, measured from the bottom of Wave-4 Use the left scale - I had to do a few tricks to get the fib retracements to work correctly and the right scale isn't accurate at all. Not holding my breath on this idea, but the retracement of Wave-1 in the last correction ( Wave-2 ) is perfect at the 38.2% spot, and my guess at the retracement for Wave-4 lines up super perfectly with the top of Wave-1. Who knows... maybe we'll all be super rich in a couple years? Hahahaha.... Definitely not financial advice, I'll cry if this happens. Ignore the indicators.
BNC:BLX
by Korastiz