Hi traders:
Quick update on CADJPY short from earlier this week.
Price did manage to go lower from my previous analysis but quickly moved up to complete a lower time frame descending channel to move back up.
However, price then manages to form a reversal flag structure pattern, before sharp impulse move down.
Last bit of price action formed a mini continuation pattern before more bearish momentum comes in.
Zoom out on the higher time frame, structurely is still valid for a mid/long term sell down after breaking out of the larger structure for confirmation.
Expect more smaller corrections to bring the price down.
Thank you
Quick update on CADJPY short from earlier this week.
Price did manage to go lower from my previous analysis but quickly moved up to complete a lower time frame descending channel to move back up.
However, price then manages to form a reversal flag structure pattern, before sharp impulse move down.
Last bit of price action formed a mini continuation pattern before more bearish momentum comes in.
Zoom out on the higher time frame, structurely is still valid for a mid/long term sell down after breaking out of the larger structure for confirmation.
Expect more smaller corrections to bring the price down.
Thank you
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