We ended the previous week on top of a BEARISH CHANNEL with an initial bearish signal suggesting further down side move. Take note that this coincides with the RETEST of the BULLISH TREND LINE support witch was recently broken through. RSI is already pointing downwards and SPX500 is forming a double top giving me 4 signals to be bearish on the pair. If we break above this channel, i would start looking for an opportunity to go long. For now, i would maintain my bearish outlook for the pair.
Patterns seen:
If Channel is broken above
1. Bearish Cypher (BLUE) completion at 102.45s/50s Highly Likely
2. Bearish Gartley (LightRed) completion at 102.15s/20s Highly Likely
If Channel is maintained
3. Bullish Gartley (Purple) completion at 101.03s/08s remote
4. Bullish Cypher (Orange) completion at 100.48s/55s remote
Patterns seen:
If Channel is broken above
1. Bearish Cypher (BLUE) completion at 102.45s/50s Highly Likely
2. Bearish Gartley (LightRed) completion at 102.15s/20s Highly Likely
If Channel is maintained
3. Bullish Gartley (Purple) completion at 101.03s/08s remote
4. Bullish Cypher (Orange) completion at 100.48s/55s remote
