GBPUSD - Back In The Channel Yet Again
GBPUSD printing a very bearish wicked star fakeout to return to this downward channel which will now have very strong upper trendline resistance.
The bounce went higher than 0.75 from the local high and so this was most likely a higher degree bounce that reversed with impulse at the 0.5 from the top.
Therefore I think this will be a 3 or 5 wave collapse but the next significant pivot will be around 1.27 and go oversold on the weekly RSI.
I've r-entered my short position with a stop above the weekly wick top. And if correct I'll just hold this and not try to swing because I think a major collapse is coming and I've got things to do 😄.
Not advice.
The bounce went higher than 0.75 from the local high and so this was most likely a higher degree bounce that reversed with impulse at the 0.5 from the top.
Therefore I think this will be a 3 or 5 wave collapse but the next significant pivot will be around 1.27 and go oversold on the weekly RSI.
I've r-entered my short position with a stop above the weekly wick top. And if correct I'll just hold this and not try to swing because I think a major collapse is coming and I've got things to do 😄.
Not advice.
Comentarios:
Another fakeout on the daily forming a gravestone doji building cause to this upper trendline. It really is a great moment for trading some of these FX pairs. Could go wrong ofc but much easier than largely negative stocks this year.
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The tide is turning and blind hodlers might be rekt down the road💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
