MONTHLY: - MONTHLY TIMEFRAME IS SHOWING THAT WE ARE IN A DOWNTREND AND ARE DUE A LOWER LOW - EMAS ARE LOOKING BEARISH, PRICE IS BELOW BOTH THE 50EMA AND THE 200EMA - JANUARY WAS A LOW TEST CANDLE PIERCING BOTH EMAS - FEBRUARY BROKE BOTH EMAS AND HAD A GOOD STRONG CLOSE
WEEKLY: - THE WEEKLY TREND HAS NOW REVERSED AND LOOKS LIKE WE ARE STARTING A DOWNTREND, DUE A LOWER HIGH - EMAS ARE CONVERGING - PRICE HAS NOW BROKEN THROUGH THE 200EMA AND WE CAN WATCH FOR A POTENTIAL RETEST AND CONTINUATION - THE LAST FEW WEEKS HAVE SHOWN GREAT BEARISH MOMENTUM - LAST WEEKS BULLISH ENGULFING CANDLE GOES AGAINST SHORTS AT THE MOMENT
DAILY: - PRICE IS MAKING LH'S AND LL'S AND WE ARE NEXT DUE A LOWER HIGH, GIVING US A POSITION FOR A SHORT TRADE - WE HAVE 2 FIBONACCIS ON THE CHART, THE LARGER ONE HIT 38.2% AND HAS HIT FIB D1 - A NEW FIBONACCI IS IN PLACE AND WE ARE NOW LOOKING FOR A RETRACEMENT, NEW FIB D1 IS IN LINE WITH LARGER FIB D2 - WE ALSO HAVE AN OLD HEAD AND SHOULDERS PATTERN ON THE CHART
WAITING FOR: - DAILY BEARISH CLOSING CANDLE TO CONSIDER A SHORT POSITION - WE COULD THEN TAKE A POSITION DOWN TO 148.90
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