possible inverted Head & Shoulders in progress !!
hi traders.
here is my point of view for AUDUSD (TF1)
price is actually constructing the (second) right shoulder of the pattern (in my cElliot count it's the bottom of the subwave 2 of wave 3). price is also laid on a strong Support Area, & next of the 61.80% fibonacci retracement. of the bull progression.
according to the momentum, there's a useful trendline on the MACD & price is now approching it / BOCT could be broken on RSI stochastic momentum / Volume is declining since the beginning of the correction, so there's some convergence between price & volume.
and.... look how DOW Theory is respected here !!!
here is my point of view for AUDUSD (TF1)
price is actually constructing the (second) right shoulder of the pattern (in my cElliot count it's the bottom of the subwave 2 of wave 3). price is also laid on a strong Support Area, & next of the 61.80% fibonacci retracement. of the bull progression.
according to the momentum, there's a useful trendline on the MACD & price is now approching it / BOCT could be broken on RSI stochastic momentum / Volume is declining since the beginning of the correction, so there's some convergence between price & volume.
and.... look how DOW Theory is respected here !!!