Concerns surrounding Europe's banking sector suddenly seemed to have vanished away from the markets. However, Stoxx 600 index chart clearly shows the larger falling trend line is intact and a bullish break from a smaller symmetrical triangle failed. Caution is advised at least as long as the larger falling trend line isn't breached.
- Failed and rejected off the UTL of February low - Price converging in a triangle wedge - RSI is oversold but not diverging to support a strong rebound - Target for 2840 seems possible if it broke out of the wedge
- If previous fractal via the candles and RSI serves right, it may well break above 3020 and trade higher - It remains a strong IF but it looks entirely possible as longer TF will post a strong rebound and bullish candles - With that in mind, the bias is not to short or fade it until a much clearer signal is available - bulls seems adamant to want higher prices...
The support line on the downtrend was broken towards the end of February, and we are currently seeing a rally after the pullback. Perfection of the black trend line crossing the triangle from the cypher. If this rally continues to 3178 then we will have a cypher pattern completion and could go short. Profit targets indicated by the green boxes. Stop loss...
Hello traders, We might assist to the end of a correction cycle , started May-June last year. Gann cycle also coincides with a 50% Fibo retracement from last bullish impulse . This month low should be an inflection point. I´m entering long at current level You can subscribe to my mailing list for FX Alerts : eepurl.com 6 Trading Rules : 1. Never add to a...