Markets have begun to decelerate in motion as the end of year draws nearer and investors are taking profits and retiring for the year. So this setup might that some time to play out.
Price is in a 4 hour pennant. A break out to any side would let us know where price is headed. However if if breaks to the upside, this could be how it would play out.
A break below 1.2750 renders this setup invalid, then i will be looking for price to fall to the 1.2600 area.
Reason for bullish bias:
1. Price is in a consolidation box, and is showing reason for refusing the downside
2. Nice elliot wave count on the 1HR TF
3. 1.3000 zone, nice confluence with bat harmonic pattern. That also favours break and retest of consolidation box.
Let's see how this setup plays out!
Price is in a 4 hour pennant. A break out to any side would let us know where price is headed. However if if breaks to the upside, this could be how it would play out.
A break below 1.2750 renders this setup invalid, then i will be looking for price to fall to the 1.2600 area.
Reason for bullish bias:
1. Price is in a consolidation box, and is showing reason for refusing the downside
2. Nice elliot wave count on the 1HR TF
3. 1.3000 zone, nice confluence with bat harmonic pattern. That also favours break and retest of consolidation box.
Let's see how this setup plays out!