Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
Greetings everybody,
as on EUR - here we also suggest that this is not the end guys, and another leg down could be formed. Price action on intraday charts doesn't care the features of reversal - no thrust, no acceleration. It stands rather choppy. Maybe employment data will change the situation, but pure technical picture suggests that we have BC retracement leg before CD extension down:
On 1H chart gold accurately follow to our scenario. As we've said, this probably will be AB-CD pullback. Now it seems that it should be over around 1608-1612 Agreement level. AB-CD pattern could be finalized by butterfly. All this stuff together gives us bearish "222" Sell:
Still, despite that picture looks clear - be aware of data, guys. Do not sell around 1612 blindly, use common sense. Say, if we see fast jump in one candle through the level - don't be short. Of course, you know this, as I talk about it every time, but currently it is not vain to repeat.
as on EUR - here we also suggest that this is not the end guys, and another leg down could be formed. Price action on intraday charts doesn't care the features of reversal - no thrust, no acceleration. It stands rather choppy. Maybe employment data will change the situation, but pure technical picture suggests that we have BC retracement leg before CD extension down:
On 1H chart gold accurately follow to our scenario. As we've said, this probably will be AB-CD pullback. Now it seems that it should be over around 1608-1612 Agreement level. AB-CD pattern could be finalized by butterfly. All this stuff together gives us bearish "222" Sell:
Still, despite that picture looks clear - be aware of data, guys. Do not sell around 1612 blindly, use common sense. Say, if we see fast jump in one candle through the level - don't be short. Of course, you know this, as I talk about it every time, but currently it is not vain to repeat.