Not as early as i'd like to be on this one,took my eyes off the pair a bit but no matter,we'll get the pullback.Reached the last area of resort 78.6 on the fib,interesting level for price to reach.A head & shoulders pattern at play considering that we have a zigzag type of correction,there's a bullish confluence.Expecting a sharp 5 wave move to the supply zone.
we've had two complex corrections in this larger A,B,C larger corrective wave which doesn't happen too often,so it just confirms the depth of the nature of the current market cycle(corrective).The market continues to form new higher highs & lower highs,clear indication that the minor trend is bullish.We are about to have a third touch on the trend line at an end...
Looking at the weekly its clear that the trend is bullish,the market continues forming higher highs & lower highs but with a clear wave count its always safe to monitor until you see the actual count.At first i was expecting a triangle for wave X but that flew right out of the window when the main wave 4 completed & presented a running flat pattern as a wave...
The nature of how the impulse patterns are forming in this bearish structure is a clear indication that the current cycle of waves is bearish,however we are near a termination point to resume the overall bullish trend,that being said lets focus on the bearish scenario at present.Where you see a wave 4 labeling was a key level of support turned resistance(basics...
