My thoughts on this recent UJ push:
If we back trace on the weekly chart back in May-Oct of 2013 we can see a similar pattern potentially forming right now. (Bullish Pennant) Fib extensions are drawn from red ellipses for reference. I drew a regular fib so you can where the bullish pennant retraced to. I used this idea to mock up a fib on the current direction of the market. Then placed an extension showing where it could go. The 61.8 on the FE lines up closely with the previous high back in June of 2015. Should be interesting to see where this will go.
I currently have two long positions, one at 113.020 and 133.172, up almost 40 pips on the first and almost 25 on the second. I'm thinking of holding this until the 114.249 area are the 61.8 to see what happens.
If we back trace on the weekly chart back in May-Oct of 2013 we can see a similar pattern potentially forming right now. (Bullish Pennant) Fib extensions are drawn from red ellipses for reference. I drew a regular fib so you can where the bullish pennant retraced to. I used this idea to mock up a fib on the current direction of the market. Then placed an extension showing where it could go. The 61.8 on the FE lines up closely with the previous high back in June of 2015. Should be interesting to see where this will go.
I currently have two long positions, one at 113.020 and 133.172, up almost 40 pips on the first and almost 25 on the second. I'm thinking of holding this until the 114.249 area are the 61.8 to see what happens.
