Scenario:
On the monthly time frame for EURUSD as seen on the clip above, price has successfully formed HL by retracing into the 70 -80% fib zone. Price has started to reaccumulate to form HH at the upside. Based on Wyckoff principles, price has form Second test on phase B and currently about to retest for continuous movement to the upside.
Expectation:
I expect price to retrace to 70-80 zone for continuous movement to the upside.
There might be bearish kind of movement on lower timeframe due to this retracement.
Once a spring or bullish breakout occur. It will be time to act accordingly for a long time position to be opened.
From the Wyckoff pattern, this is suspected to be a spring marked as ST2 on the clip. Be sure to make a long term buy from the retest.
Comment:
Keep track of this progress on and pay close attention to see if there will be a spring before moving higher.
On the monthly time frame for EURUSD as seen on the clip above, price has successfully formed HL by retracing into the 70 -80% fib zone. Price has started to reaccumulate to form HH at the upside. Based on Wyckoff principles, price has form Second test on phase B and currently about to retest for continuous movement to the upside.
Expectation:
I expect price to retrace to 70-80 zone for continuous movement to the upside.
There might be bearish kind of movement on lower timeframe due to this retracement.
Once a spring or bullish breakout occur. It will be time to act accordingly for a long time position to be opened.
From the Wyckoff pattern, this is suspected to be a spring marked as ST2 on the clip. Be sure to make a long term buy from the retest.
Comment:
Keep track of this progress on and pay close attention to see if there will be a spring before moving higher.
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