This is interesting. You can see a couple short trades I took on 12 Aug and 13 Aug, both failed. I was looking for a continuation of the downtrend that started on 19 July. However, a new resistance level developed 14 Aug at exactly the 0.618 retracement.
I added a channel to track the downward price movement as it heads to the bottom of the AB=CD pattern about 1.54932. I am thinking the opportunity is to trade between the channel top and bottom as it tracks downwards.
Please comment back if you see any value to this analysis or agree/disagee. Let me know your feedback.
I added a channel to track the downward price movement as it heads to the bottom of the AB=CD pattern about 1.54932. I am thinking the opportunity is to trade between the channel top and bottom as it tracks downwards.
Please comment back if you see any value to this analysis or agree/disagee. Let me know your feedback.
Note
It now looks like a reversal of trend, marked with the short red lines at the higher low and possible higher high. Looking for a reversal, 1.58197 is possible, marked with the "A".
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.