NIce multi week Resistance line, been tested for 3 times and formed a nice Inverse H&S patters. Monday is a very important day to show us the next direction on the market.
Breakout of that Resistance line acting as Neckline of Inverted Head and Shoulder formation, and we can expect upper targets @ 10150 - 10366 which is also a Retracement value of FIBO 0.50 from the last drop. However failure to do so (breakout), then for sure, we are going to retest the low again)
Personaly, I believe in my first theory, that from monday the market is going UP, and we are going to se a penetration and breakout.
The first warning signs of penetrations are here, you can see on STOCH indicators are in BUY position, but the most important one is CCI ,definitely penetrated and closed above 100 level.
Guys, fireworks on Monday, don't be biased, all options are OPEN. However IF the price reject from these levels (mean false breakout), then we go down again to retest the LOW.
*********************************************************
Why is this so important:
Recovery of DOW and S&P can also take all YEN pairs of the multiyear lows, and we can easily see a nice correction (mean UY, AY, GY, EY, CY -> bullish)
So it is important to watch all this levels to have an idea what the market is UP TO..
my other analysis for S&P, and Dow Jones you can find posted on my journal
Safe trade!
Cheers,
Breakout of that Resistance line acting as Neckline of Inverted Head and Shoulder formation, and we can expect upper targets @ 10150 - 10366 which is also a Retracement value of FIBO 0.50 from the last drop. However failure to do so (breakout), then for sure, we are going to retest the low again)
Personaly, I believe in my first theory, that from monday the market is going UP, and we are going to se a penetration and breakout.
The first warning signs of penetrations are here, you can see on STOCH indicators are in BUY position, but the most important one is CCI ,definitely penetrated and closed above 100 level.
Guys, fireworks on Monday, don't be biased, all options are OPEN. However IF the price reject from these levels (mean false breakout), then we go down again to retest the LOW.
*********************************************************
Why is this so important:
Recovery of DOW and S&P can also take all YEN pairs of the multiyear lows, and we can easily see a nice correction (mean UY, AY, GY, EY, CY -> bullish)
So it is important to watch all this levels to have an idea what the market is UP TO..
my other analysis for S&P, and Dow Jones you can find posted on my journal
Safe trade!
Cheers,