Price action is sitting at resistance from may 9 support. A Pullback to 1.150 zones and lower trendline support would embed a point c on the active harmonic. A candle close below the trendline and 1.172 zones would confirm the move to 1.1540
An extension up to 1.12 zones would be about 50% retracement of the major bearish impulse and create a nice point B of the active harmonic. A close above 1.184 zones would confirm the push up but confirmation is needed in both directions.
There is a major support level and floor being tested on the larger timeframes and accumulation is taking place. Any extension could possibly be met with a swift pullback and retest of the previous pivot low. Major patterns and levels show a wedge is forming in its early points and the next few weeks should determine which patterns will play out.
Important news all week might be the catalyst and the confirmation needed to determine the direction of price action moving forward but the news coming in on both sides could also create extreme volatility. I will be looking at these patters and levels in the coming days waiting for the news. Indecisive price action and a week of major news is ahead so be careful.
This type of volatility and open range creates nice scalping opportunity’s and I will be looking for entries which ever the wave breaks. I use this platform to create a record which I can review to continue evolving and adapting my charting systems. This is not trade advice or signals . So trade with care, peace and pips. Hope it helps and crush the markets this week traders!
- Grateful Chart Artist