Disclaimer: Although I’ve learnt quite a bit of FOREX and am confident in what I’m telling you, I’m just a week in and am using a demo account, so you don’t have to take my word for it.
Here’s why:
Just before September 9th, signs of support have surfaced, since another hit materialised (with resistance appearing just before.) Although this isn’t exactly consitent, it succeeds in somewhat maintaning the pattern, just in an ascending trend (which also seems to be an ascending triangle). Furthermore, there are multiple hits of resistance among the barriers I’ve place; even when the price broke the barrier, it went straight back down. In addition to the recognisable Elliot Wave, I am confident that these signs point to some hesitation, leading to a decline and continuing the pattern in the process
Another important thing, the rate of flunctuation is increasing side by side with little to no price rejection on both sides, indicating that there may be strong buyers (such as the big banks) in action now. These guys need liquidity, and so will take that from us by investing against the majority, ultimately earning off of the loss of many since their investment makes a difference. However, this doesn’t happen all the time and is an educated guess (although it isn’t uncommon phenomenon either).
I hope this is helpful!
Here’s why:
Just before September 9th, signs of support have surfaced, since another hit materialised (with resistance appearing just before.) Although this isn’t exactly consitent, it succeeds in somewhat maintaning the pattern, just in an ascending trend (which also seems to be an ascending triangle). Furthermore, there are multiple hits of resistance among the barriers I’ve place; even when the price broke the barrier, it went straight back down. In addition to the recognisable Elliot Wave, I am confident that these signs point to some hesitation, leading to a decline and continuing the pattern in the process
Another important thing, the rate of flunctuation is increasing side by side with little to no price rejection on both sides, indicating that there may be strong buyers (such as the big banks) in action now. These guys need liquidity, and so will take that from us by investing against the majority, ultimately earning off of the loss of many since their investment makes a difference. However, this doesn’t happen all the time and is an educated guess (although it isn’t uncommon phenomenon either).
I hope this is helpful!