Quick Outlook for Next Week
Okay folks, I will go through my quick thoughts for the upcoming week.. As always, I will keep it as simple as it gets!
Okay folks, I will go through my quick thoughts for the upcoming week.. As always, I will keep it as simple as it gets!
- Weekly candles are still flowing downwards inside a descending wedge, and therefore our environment is still bearish!
- However, we can see that last week, bulls started the process of trying to reach the touch-point to the upper edge of this wedge. (Would be roughly a hit at 1.1821 when projected for the upcoming week!)
- I keep my bearish bias for now unless this level is not significantly breached!
- The worse case would be hit at 1.1881 and the worst case would be a candle close above it! In such case I would activate the potential channel that this wedge could be shape-shifting into.. Time will tell!
- If wedge turns into a channel then we would expect bears to kick in latest around 1.1997 area.. For now let's just keep this scenario in the back of our minds.. We must focus on the "now" and that is that the wedge is still not broken!
- If lazy bears somehow kick in after a potential failure of this bullish attempt, they would first be expected to slow down around 1.1693 and even with a push through, potentially get stopped a little lower around 1.1600 because that's where the bottom edge of a large bullish flag is positioned.. Because speaking in technical terms and based on harmonics, once this big M structure is complete, bulls should shoot this back up much faster than before.. But again let's leave this scenario also in the back of our minds since we are still inside the wedge.. Bears have the upper hand, yes, but it is too early to talk about bearish continuation!
- Long story short, next week will be probably about: Can bulls break above 1.1821 area or not? Give or take 10 to 15 pips.. That's why I decided to tolerate bulls until 1.1830/35 area.. As long as price is, let's say roughly below 1.1830/35, I keep my bearish bias..
That all being said, keep enjoying your weekends folks.. We hopefully meet again on Monday.. Cheers 
Focus only on what truly matters!
Finally can safely place SLs at BE for all above 1731 positions 
The rest would be moved at BE gradually according to each spec, next being only when/if 1710. {quote} This is not right. Please people stop the mocking. I know what being mocked at is... And dear JBRolim, If you mean me, I assure you it is a misunderstanding. I am not that kind of person. I have only ever mocked myself in my entire life. Now back to mocking myself... I see some of you have enjoyed the show in different ways these last days.. I am happy to have made you laugh and/or mock me. I take full responsibility. We are human after all ! OK Jung!? (see Jung and humor..)
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