I have been trying to get a better understanding of the waves in the market and seeing where other patterns come into play and can help give some confluence to the direction.
Although we have had a very bullish close last week, what the chart is presenting me with is a very Bearish opportunity.
Price has been consolidating in the channel and From what I can see I think there is some further down side to come before a further impulse in price up.
There have been a couple of Advanced patterns in the last couple of months on the Daily Timeframe / Weekly.
First a Bullish Bat which if you had 2 target approach you would of hit the 0.382 fib and pushed up at high as the 0.50 fib, at this point price moved back down giving us an equal measured moved.
Second pattern which has just completed is a Bearish Cypher, this along with price respecting the top of the channel & making a Higher Low I believe we are going lower.
Although we have had a very bullish close last week, what the chart is presenting me with is a very Bearish opportunity.
Price has been consolidating in the channel and From what I can see I think there is some further down side to come before a further impulse in price up.
There have been a couple of Advanced patterns in the last couple of months on the Daily Timeframe / Weekly.
First a Bullish Bat which if you had 2 target approach you would of hit the 0.382 fib and pushed up at high as the 0.50 fib, at this point price moved back down giving us an equal measured moved.
Second pattern which has just completed is a Bearish Cypher, this along with price respecting the top of the channel & making a Higher Low I believe we are going lower.