B/C Correction Down To July Highs??? - GU
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Here I have GBP/USD on the 4Hr Chart!
Friday gave us a STRONG break through this Area that acted as Support getting Price to its High @ 1.32664 but soon after we see price melt!
I suspect we are looking at a Correction Wave where Price gave us a Lower Low (Point A) @ 1.31672 which Broke Structure, followed by a Lower High (Point B) @ 1.32271 Confirming Downtrend. Based on the Fib Extension Tool, we are given a Range Target of 1.30666 - 1.30287 around the High's of July!
Now with Friday's new Lower Low @ 1.31095, I would like to see Price make a Retracement to the once Support-Turned-Resistance Zone for some potential Selling opportunities!
If we take the Fib Retracement Tool from Friday's Low @ 1.31095 to Friday's High @ 1.31998, We see the Fib Entry Zone lands precisely in the Middle of our Resistance Zone!
*Fib Entry Zone - [ 1.31547 - 1.31697 ]
*Golden Zone - [ 1.31600 - 1.31653 ]
Indicators:
-DSR curving down & Price Trading Below
-RSI Below 50
-BBTrend showing Bulls losing strength
Friday gave us a STRONG break through this Area that acted as Support getting Price to its High @ 1.32664 but soon after we see price melt!
I suspect we are looking at a Correction Wave where Price gave us a Lower Low (Point A) @ 1.31672 which Broke Structure, followed by a Lower High (Point B) @ 1.32271 Confirming Downtrend. Based on the Fib Extension Tool, we are given a Range Target of 1.30666 - 1.30287 around the High's of July!
Now with Friday's new Lower Low @ 1.31095, I would like to see Price make a Retracement to the once Support-Turned-Resistance Zone for some potential Selling opportunities!
If we take the Fib Retracement Tool from Friday's Low @ 1.31095 to Friday's High @ 1.31998, We see the Fib Entry Zone lands precisely in the Middle of our Resistance Zone!
*Fib Entry Zone - [ 1.31547 - 1.31697 ]
*Golden Zone - [ 1.31600 - 1.31653 ]
Indicators:
-DSR curving down & Price Trading Below
-RSI Below 50
-BBTrend showing Bulls losing strength
Заметка
The Correction started as a Strong Reversal! Head and Shoulders Pattern!
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Price has Pulled Back to the 38.2% level and is having struggles pushing Higher!!
Sell Entry @ 1.3150
SL @ 1.3190
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Price made a Pullback to the 50% Fib Level @ 1.31549!
Added Sell Entries @ 1.3154
SL @ 1.3190
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Price has given a Bearish Break to the Ascending Channel it was in and tested the Break not only Validating the Continuation Pattern but Confirming the successful Break!
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Price has descended nicely after throwing out the Bear Flag Pattern!
Once Price Breaks this Level to create Lower Lows, we will see it reach the Range Target for a Take Profit!
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Death Cross Incoming!
This will bring some heavy pressure down on Price and any rise now will have to contend with the Bearish curved 200 EMA and DSR
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Price made a 2nd attempt at testing the Break of the Ascending Channel & pulled back to the 38.2% Level!
Final Manufacturing PMI @ 8:45am CST
ISM Manufacturing PMI / Prices & Construction Spending @ 9am CST
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USD
Final Manu. PMI - 47.9 Actual v. 48.1 Forecast/48 Previous
ISM Manufacturing PMI - 47.2 Actual v. 47.5 Forecast/46.8 Previous
ISM Manufacturing Prives - 54 Actual v. 52.1 Forecast/52.9 Previous
USD got the strength it needed from Manu. PMI's!
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Price has found some Minor Support making a Low after breaking through the Support-Turned-Resistance Zone!
Looking for Price to make a 50% Pullback to test the Resistance Zone and Fill the FVG!
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Price made the 50% Retracement to 1.3116 and filled the FVG!
Sell Entry @ 1.3116
SL @ 1.3150
Сделка закрыта вручную
With JOLTS @ 9am CST and BOC making there decision on Cutting Rates. This could make the markets move unpredictably.
Closing all trades!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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