It seems we have a probable LONG trade possibility on this pair, based on the following factors:
Elliott wave count suggests a wave 3 has almost been completed and is on the last price action through to the wave 3 target. Pattern structure has been broken for a small upwards move (to target 1 and/or 2) before it continues downward. Stochastic suggests a possible downward move, however looking at previous performance (around the 7th to 10th of February) seems to suggest a possible upward move before a downward move. RSI suggests more upwards movement before a downward move.
Additionally, we have what seems to be a BULLISH Cypher harmonic pattern forming, confirming an upwards move, where I have marked 2x targets. First target is at a channel trendline and the second target is at a conservative cypher pattern target. Either target could be hit, prior to a downwards move towards the completion of a wave 3 count.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Elliott wave count suggests a wave 3 has almost been completed and is on the last price action through to the wave 3 target. Pattern structure has been broken for a small upwards move (to target 1 and/or 2) before it continues downward. Stochastic suggests a possible downward move, however looking at previous performance (around the 7th to 10th of February) seems to suggest a possible upward move before a downward move. RSI suggests more upwards movement before a downward move.
Additionally, we have what seems to be a BULLISH Cypher harmonic pattern forming, confirming an upwards move, where I have marked 2x targets. First target is at a channel trendline and the second target is at a conservative cypher pattern target. Either target could be hit, prior to a downwards move towards the completion of a wave 3 count.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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