Analysis on chart.
Quarterly uptrend expired, the rgmov wave count suggests we are at the end of a corrective leg.
The price chart suggests we are completing a terminal pattern with a diametric at the end of C.
According to Glenn Neely's wave count this is a B rally, so the next leg should be a very sharp C wave down!
I'm placing a short based on the time at mode weekly signal, using the monthly chart's range expansion entry, which placed my stop slightly above the weekly downtrend mode.
The advance from the top has been incredibly violent and created a series of ripple effects throughout the global currency, metals and equity markets.
The risk off rally in the Yen and this will be my vehicles of choice to surf the waves in this bear market.
Good luck if you take this trade!
Ivan.
Quarterly uptrend expired, the rgmov wave count suggests we are at the end of a corrective leg.
The price chart suggests we are completing a terminal pattern with a diametric at the end of C.
According to Glenn Neely's wave count this is a B rally, so the next leg should be a very sharp C wave down!
I'm placing a short based on the time at mode weekly signal, using the monthly chart's range expansion entry, which placed my stop slightly above the weekly downtrend mode.
The advance from the top has been incredibly violent and created a series of ripple effects throughout the global currency, metals and equity markets.
The risk off rally in the Yen and this will be my vehicles of choice to surf the waves in this bear market.
Good luck if you take this trade!
Ivan.
Comment:
Can move SL to break even now. 1970.4
Comment:
Stop at BE might get taken out. Either let it hit it and reshort higher, or take the pain and leave the SL be and add to shorts higher.
Trade closed: stop reached:
Break even stop on the short, ages ago.
Posting updated chart this week.
Posting updated chart this week.
