There are two possible directional scenarios brewing at this point, one that sees a probable ceiling near 1.68923 (see H4 and Daily timeframes), and one that sees price decline to the lower border of a long-term wedge (See weekly chart in the bottom right corner).
BULLISH SCENARIO:
A quick multiframe review of the Cable indicates a probable top coming up following a bullish interim rally. Right now, a technical support identified at 1.66721 continues to hold, backed by a supportive 1.66665/1.66369 range. A rally from this level is likely to meet significant resistance at 1.68923, a value we derived from our proprietary strategy, but one that also seems to fall in line with an advanced pattern analysis, where a Shark in the weekly window points to values nearing our own predictive analyses.
BEARISH SCENARIO:
Failure of above support (1.66721) would send price reeling down to 1.66084, as indicated in the 4-hour timeframe. However, a relief rally to the target highs would remain in force without weakening the current bullish strength, unless 1.66084 failed, in which case we would have to turn our attention to support targets down below as price makes its way towards the lower border of the channel defined in the weekly chart.
OVERALL: A bullish reversal is underway with overhead targets capped by a significant historical resistance in the same vicinity as TG-Hi = 1.68923 in our predictive analysis (H4 and daily charts), or that of a Shark near 1.68915 (Weekly chart). Support remains valid at the current 1.66721 to compliment a bullish rallying, but a breakdown of 1.66084 should concern bulls.
Cheers,
David Alcindor | 4xQuad Predictive Analysis & Forecasting Denver, Colorado, USA
- Follow us on Twitter: @4xForecaster - See our live charts on TradingView.com: 4xForecaster
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Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. We trust that you would do your own due diligence first, then seek professional advice from a licensed professional and enter the market at your own perils - David Alcindor - a.k.a.: 4xForecaster | 4xQuad, LLC.
Комментарии
LevRidge
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GU will hit 1.744, can't miss at this point.
4xForecaster
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Do you have time to elaborate, @99nines?
LevRidge
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Sure it's just from the geometric research i've done once price goes beyond a cert level it must continue to the next to fulfill it's "time/price" requirements. Once GU crossed 1.665 it must reach 1.74, it has no choice at this point. Once it hits I'll try to explain more.