Sir as you said on weekly tf
This could become “pain or gain” bet guys, because as announce on Cyprus will be made – this will be either big white or black candle and all our riddles will be resolved.
so now what we expect..?/
may be a black huge candle by the end of the week or a white one?
I think Sive was talking about the bailout. IF Cyprus did NOT get the bailout, then I believe there would be "big black candle" like Sive mentioned. However, as you all know, Cyprus did indeed get the bailout and market actually went up about another ~60-70 pips before big move down. However, the 60-70 pip move up after the Cyprus bailout did not even exceed the 4hr trendline so we could never even have talked about the upside. Plus, the gap from last week was barely filled.
I think Sive mentioned in his Monday video that it really doesn't matter if Cyprus gets the bailout or not. Euro is still bearish and we stand at long-term bear trend. Add the monthly engulfing pattern we have and the target is at 1.2500. This definitely adds confidence for shorts.
one more question sir, what is the next level of support 2660 or 2500..?? or any other level?
Maybe Sive has different point of view but we have bearish dynamic pressure on the daily chart. This means taking out of the nearest lows and if you take a look on the daily, current price is already the lowest on this current swing down.
I think this means that this is just the beginning. We have now broken through Weekly K-Support @ 1.3061 - 1.3072 and nearest fib. support is 1.2679 which is MAJOR 5/8 retracement so expect some pullback from that area.
With that being said, Sive also mentioned previously to DOUBLE the harmonic swing on the weekly timeframe since it has already exceeded previous harmonic swing. That ALSO points to 1.2679 so definitely expect some pullback from that area.
Next target after 1.2679 is monthly bearish engulfing pattern, at 1.2500.
Right now, a lot of fundamental problems. Like Sive said, if people's money can be stolen in Cyprus, why not in other Eurozone countries? This may definitely be the beginning of a lot of bad things to come in the Euro. People definitely lost confidence in the Euro and will probably look to put their money elsewhere instead of having it in a European bank or something.
