Right now this is one of my favorite pairs because its following the expected price action according my trading system. This is not a ready entry, just an overall analysis warning that the long awaited rally could start soon.
I expected a pullback when the price was strongly rallying:
And warned about entering long too early for the expected huge long term rally.
When doing an analysis i try to take the best information a tool can give me, not limiting to only one.
Here i'm using a combination of bollinger bands, ema 55 and ema 200, classical technical analysis and elliott waves.
The most important information here comes from bollinger bands. Looking at W1 chart we see a that BAND TO BAND duplication ocurred before pullback. After that price should retrace at least to the middle MA.
We have also a previous level of S/R and the EMA 55 acting as support.
Here on D1 chart:
- EW WXYZ corrective structure
- corrective channel
- bull flag (see below)
- EMA 200 acting as support
- expected harmonic AB=CD pattern
- AO is finishing an ideal bullish divergence
I will watch the PA closely near the area shown on chart and update for possible long setups.
Regards
P.D. nice potential bull flag forming with a BIG potential target
I expected a pullback when the price was strongly rallying:
And warned about entering long too early for the expected huge long term rally.
When doing an analysis i try to take the best information a tool can give me, not limiting to only one.
Here i'm using a combination of bollinger bands, ema 55 and ema 200, classical technical analysis and elliott waves.
The most important information here comes from bollinger bands. Looking at W1 chart we see a that BAND TO BAND duplication ocurred before pullback. After that price should retrace at least to the middle MA.
We have also a previous level of S/R and the EMA 55 acting as support.
Here on D1 chart:
- EW WXYZ corrective structure
- corrective channel
- bull flag (see below)
- EMA 200 acting as support
- expected harmonic AB=CD pattern
- AO is finishing an ideal bullish divergence
I will watch the PA closely near the area shown on chart and update for possible long setups.
Regards
P.D. nice potential bull flag forming with a BIG potential target