A further update/adjustment to my earlier fork, moving point C down to fit:
Tracking price movements to the fork:
As it enters fork - 13.00 / 08-23 goes up, taps the upper 0.382, progress 26th - 28th, price movements accord to the ML,
drops off downward, hesitates over the lower 0.382, then drops through the lower 0.618 at approx. crossover of the Up Trend Lower Line (transiting crossovers is common).
The RSI (the only indicator I commonly consult) would support a rise from here.
Dipping just below the outer edge of a major down trend fork it is hanging at the neck line of an H&S.
**Still predicting an undershoot to the US GDP, with a current 35% doubt factor
All that said my advice/tips:
1) Never listen to anyone else (hehe) because ...
2) It is your analysis & money at the end of the day, and what you are comfortable with.
3) Esp. in what could be major market moves if in reasonable doubt, don't.
I'm not going in long just yet, waiting for the 13.00 candle open.
Good luck! Let's hope we are all on the right sides of our trades!
PS. Sorry folks. My apologies as to the incorrect time: fault lies with www.tradingeconomics...ed-states/gdp-growth putting 1.30pm GMT instead of BST. Grrr. Note to self: use MarketWatch instead, better data source.
Tracking price movements to the fork:
As it enters fork - 13.00 / 08-23 goes up, taps the upper 0.382, progress 26th - 28th, price movements accord to the ML,
drops off downward, hesitates over the lower 0.382, then drops through the lower 0.618 at approx. crossover of the Up Trend Lower Line (transiting crossovers is common).
The RSI (the only indicator I commonly consult) would support a rise from here.
Dipping just below the outer edge of a major down trend fork it is hanging at the neck line of an H&S.
**Still predicting an undershoot to the US GDP, with a current 35% doubt factor
All that said my advice/tips:
1) Never listen to anyone else (hehe) because ...
2) It is your analysis & money at the end of the day, and what you are comfortable with.
3) Esp. in what could be major market moves if in reasonable doubt, don't.
I'm not going in long just yet, waiting for the 13.00 candle open.
Good luck! Let's hope we are all on the right sides of our trades!
PS. Sorry folks. My apologies as to the incorrect time: fault lies with www.tradingeconomics...ed-states/gdp-growth putting 1.30pm GMT instead of BST. Grrr. Note to self: use MarketWatch instead, better data source.