…is done.
The suggested mean reversion to the S-356 (Hourly) S-712 (30-minute) has happened.
The down move looks to have an ABC, finished structure.
The A leg produced two blue support levels, the B leg two hourly fractals, and the C leg two blue support levels.
So all systems go to the upside?
Not so fast.
A high volume weekly churn has enough momentum to carry the price further for about 2 weeks. Then, a 2-week pullback before another run for up to 6 more weeks.
A swing high is made with a weekly close lower by 91+ pips. I circled this event. There is always a lift come next week, usually around 51 pips, but occasionally, it can be as low as 24 pips. I circled the qualifier weekly closes.
24 pips higher means 1.0836, 51 pips is 1.0863, and it is not impossible that the first move would be down.
All Euro news is with raised bars. Disappointment made easy.
Achilles Dent: Troll (Album #58)
Like Duran Duran?
ForexFore - Internals, indicators, algorithmic trading 