shown in the chart will be 2 boxes , blue and red. Blue denotes a strong bullish expansion week, and thereafter price consolidated for 5 weeks. The chart pattern looks to be distributive in nature, and it is confirmed with a bearish expansion week. Right now price is back at the neckline. I will like to see this as a retest of this distributive strucuture and look to short somewhere close to the retest.
There is a f5 and line chart confluence but h1 setup not shown yet.
I hv placed a hard stop of above this whole structure, but cash rate on thursday will decide the next impulsive move.
There is a f5 and line chart confluence but h1 setup not shown yet.
I hv placed a hard stop of above this whole structure, but cash rate on thursday will decide the next impulsive move.