Trade view /
16 February 2017 at 8:48 GMT
Monthly multi-year chart – Long-term bears after posting the Bearish Outside Month in January at the Fibonacci confluence area of 102.00
Daily chart – Got to take some care here. The daily chart highlights a rejection at the channel top with a Doji style candle posted. We are long -term bears but it no 100% clear if the corrective formation is now complete (normally three waves)
Intraday (six-hours) chart – The AB leg is now assessed as complete. This means that the immediate bias is bearish. Prime support is seen at the channel base of 100.25 (blue), this could be seen as a right shoulder of a bullish reverse Head and Shoulders pattern. A move higher from there (100.25) and a perfect AB=CD would see the index move to 102.83.
I love this move as this would then form a bearish Gartley pattern and send the index aggressively lower.
Conclusion: Selling USD’s down to 100.25. We then need to assess Price Action to see if we will spring higher to form the overall bearish Gartley Pattern.
Management and risk description
Selling USD's at market 101.00 (actually selling USD's through USDCHF and EURUSD)
— Edited by Clemens Bomsdorf
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