EURGBP
Since this is a monthly chart, we don't have a complete history of this chart... (i got access to "super charts" from my broker, and there i have a little more history, in some cases, the full history... Oct. '79 Resistance and Feb '81 Resistance are some examples.
The AB=CD pattern inside a corrective leg...
So, IF this is a 3 waves correction, it should be completed with an AB=CD pattern, and we should see the price to keep moving upward, starting to forge a new "impulse" leg, or eventually entering a consolidation period between the resistance @0.74864 and the resistance from Oct. '79, now support @0.66730.
IF this is a 5 waves impulse, we should see a continuation of the downward move, eventually with a target close to Feb '81 support.
The price broke the long term trend line, we are negotiating below previous support, now resistance, tested it and rejected.
We have a channel very well "supported" by his bearish trend lines.
In case of an impulse leg, we can see that the price should stay inside the channel while completing the waves.
Im looking for Short opportunities...
Checking lower time frames is crucial...
Safe trades;
