As of now, oversold on weekly and daily. Has a large zone it can extend into, but as of right now is looking like a classic modern day 7 swing pattern, which if completed, would bring it right to the .618 retrace of major low to major high... If you see this playing out, which looks like it will trade accordingly. These are the types of "supply and demand" trades you want, at least in my humble opinion. This is some high time frame stuff though so understand that...
Yes. Looks like it.But This is a long term high time frame markup.I marked this up for a friend and just decided to post it. But it was late at night and I was just showing what seems to be the most likely pattern. But understand the time frame and the zone underneath it.Comes down to entry and exit strategy. You may need a big account and some patience. I am not at my desk or looking at anything, but should be setup to do so full time again sometime in next couple weeks.
Michael_VD27
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So in simple terms, you expect this pair to go up again?