You better analyze this your self from scratch after reading this post.
This is the story:
We had Resistance coming from the Weekly chart (zoom out and look left) where we broke up and stayed above for a few days.
Came in below the Resistance level with the highest Dn Volume Wave with Linear Pip move since September. That is your first sign of Weakness - then we wait for the reaction
We have hit the Daily Demand Line and started going up
We have hit a Fib Area and started going down again
Up one more time and another Fib
Finally Plutus Short on Fib and down we go, broke The Famous Demand Line
That's is why I am always preaching do not look only what is happening now - LOOK LEFT IT IS MORE IMPORTANT!!!
So where too now ? What are you next trades? Easy ?
Any comments ?
Yes I am already short on GCAD from yesterday, AUDCAD and GU this morning
Thanks for putting it all together... are you short/considering going short? The break has only begun, and looking at D1 it could go a lot lower. When such a strong (long lasting) demand line is broking, can one expect a larger correction?