GU has finally reached the bottom of the rising wedge pattern and has found a floor at 50% fib retracement. Bullish price action closing above the counter trend line (CTL) could be a signal for a bullish rally.
Lets wait and see...:-)
recent market bias is in a downtrend following the recent touch of the upper channel trendline (weekly TF). Price action is indicative of a large subsequent to the double top formation. Price is currently basing at neck line (however we seem to be making new lower highs this is further confluenced by bearish MA cross over). A strong close below the neckline and...
Market bias on weekly TF is in recent uptrend as as such we will long for long positions in smaller TFs following short retracements. Price action is indicative of an uptrend on the 4 hr TF, following decline from 1.580 we have a double bottom formation which is confluenced by price being rejected off the daily demand zone. Price is currently violating the...
Market Bias on monthly and weekly TF is bearish and as such this will be the flow in which we trade on the lower TFs (daily, H4, H1). Price is currently meandering between a channel and has currently dropped to the base of the channel completely the C-D leg (AB=CD pattern complete). Price action is likely to move of the base of channel which is also in confluence...
EJ market is currently basing/ranging at 140, considering overall market bias is in an up trend on the monthly and weekly TFs I believe a price action below the range will head to the WK TL down towards the highlighted demand zone (green) before shooting back up. On the contrary an engulfing close above the range would result in continued momentum towards weekly...
