When yow have a look at the 2 MONTH FRAME:
-Distinct Hammer appear at 127% Fibonacci projection.
-Double tweezer retesting the AB=CD at 1.0800 area. ( Indecision candles bottomed at 1.0800 area)
Originally I consider that a 'Major Correction' it is correcting the Bear market that started in May'14 to move the price at 1.20
...If it is an Intermediate correction, the price will retest 1.1640 or 1.1712 zone to reverse; because it is the start point of the last 2005 Bull market; but it is not a decent Fibonacci retracement level.
Resumed:
Hammer + Indecision candle + Indecision candle + actual candle retest the low of 1st bimestrial and rally.
The hammer make a lot of sense because RSI where oversold at that point in the '1 month' frame and historically test its 50% level when is getting out from oversold levels, so actually there is room to rally a little bit more.
Then weekly RSI is bouncing up at its 50% level, looks strong.
MACD weekly without any divergence
-Distinct Hammer appear at 127% Fibonacci projection.
-Double tweezer retesting the AB=CD at 1.0800 area. ( Indecision candles bottomed at 1.0800 area)
Originally I consider that a 'Major Correction' it is correcting the Bear market that started in May'14 to move the price at 1.20
...If it is an Intermediate correction, the price will retest 1.1640 or 1.1712 zone to reverse; because it is the start point of the last 2005 Bull market; but it is not a decent Fibonacci retracement level.
Resumed:
Hammer + Indecision candle + Indecision candle + actual candle retest the low of 1st bimestrial and rally.
The hammer make a lot of sense because RSI where oversold at that point in the '1 month' frame and historically test its 50% level when is getting out from oversold levels, so actually there is room to rally a little bit more.
Then weekly RSI is bouncing up at its 50% level, looks strong.
MACD weekly without any divergence
