Price Again Challenging the 1,12 area for Bullish Continuation
In July price bounced off of the lower Pitfchfork band and
has since made a 500 pip run back to the initial completion
point of the ABCD pattern around 1,1150. Every time price
has been rejected at the lower PF band earlier with beginning
late 2012, it has taken out the previous high. Also, the mini target
of the ABCD pattern was hit last week of June this year.
Last week price closed right at the 3rd quartile, which has been
acting as strong resistance during this upward multi year move.
This coincided with the Monthly R3. Chances are that price will
pause here before the probable upward continuation. In March
there was a false break out of the D level (on close basis)
but a another close above this level 1,1166 and also preferably
the 50% fib of large bear wave at 1,1235 will have less chances
of being a fake break, since price has completed the mini target
the initial ABCD in June. Finally, to add to the the bullish
picture, is the Bullish Hidden Divergence that appeard on the
MACD. This divergence is a trend continuation signal. A 3rd
drive would take price up to the 61,8 fib of the large bear wave
around 1,1650. Bullish prospects will be put on hold with a close
below the Yearly R1, and with a close below the lower PF
band, upward trend is probably over.
has since made a 500 pip run back to the initial completion
point of the ABCD pattern around 1,1150. Every time price
has been rejected at the lower PF band earlier with beginning
late 2012, it has taken out the previous high. Also, the mini target
of the ABCD pattern was hit last week of June this year.
Last week price closed right at the 3rd quartile, which has been
acting as strong resistance during this upward multi year move.
This coincided with the Monthly R3. Chances are that price will
pause here before the probable upward continuation. In March
there was a false break out of the D level (on close basis)
but a another close above this level 1,1166 and also preferably
the 50% fib of large bear wave at 1,1235 will have less chances
of being a fake break, since price has completed the mini target
the initial ABCD in June. Finally, to add to the the bullish
picture, is the Bullish Hidden Divergence that appeard on the
MACD. This divergence is a trend continuation signal. A 3rd
drive would take price up to the 61,8 fib of the large bear wave
around 1,1650. Bullish prospects will be put on hold with a close
below the Yearly R1, and with a close below the lower PF
band, upward trend is probably over.