Short term Channel Down. Short.

24 Jul 2018

DX recovered the 0.50 Fibo spot on 1H adding further selling pressure on another failed top (1.1717). Essentially the price stayed ranged under high 1H (ATR: 0.0019) volatility (Triangle on RSI = 43.294, Highs/Lows = 0) stalling halfway the completion of the projected 4H H&S pattern (RSI = 48.825, Ultimate Oscillator = 49.400). This has created a new successive short term Channel Down aiming at 1.1630 before Wednesday's E.U. opening bell. New short has been added, TP = 1.15531. The 1W pattern remains a Rectangle (Highs/Lows = 0.0000) and you can see on the chart the projected price action as mentioned on the previous post.