Short on rejection on right shoulder
right shoulder 0.61fib strong indication to short
as you can see if we hsve a 4hour rejection of the grey rectangle zone . this would create a head and shoulders formation and most probably make gbpcad drop many pips. prepare for the rejection :p
POSSIBLE 3RD BOUNCE OFF TL. KEY FIB LEVEL. IDICATOR SHOWING OVERBROUGHT. ALSO KEY RESISTANCE.
I THINK THAT THIS IS A KEY LEVEL TO SHORT WITH TWO POSITIVE FACTORS AS ITS SITTING ON 0.618 FIB LEVEL AND IN LINE WITH THE LEFT SHOULDER . SOLD HERE .
SELLING ON RIGHT SHOULDER AT FIB LEVEL ASWELL LOOKING FOR SROP TO EXTENDED FIB LEVEL.
Waiting for the right shoulder to form on what looks like a reverse head and shoulders formation as as soon as we have confirmation on the right shoulder I will buy.
4HOUR AND DAILY chart shows a head and shoulder formation forming looking strong to hold and make that right shoulder and sat off the bounce off 0.618 fib aiming for a 2 targets neckline and -o.61 fib if this plays out we could see huge profits made !
in my opinion now is a great chance to short looking at daily chart 0.61 fib has been tested just above TL now I see price dropping to the bottom of the wedge
EURUSD creating 3rd bounce to confirm trend after bouncing off 0.618 fib level strong indication to sell
i see price rising from here firstly to the neckline to grab a 40 pip profit and then if we break the neckline we will aim for 100pips long