This setup is looking very interesting...
we have this ascending channel with not only divergence throughout the channel itself, but also across a potential double top.
Price action from Friday looks extremely bearish.
Both the potential double top and channel break can only have 'assumed' targets at the moment, however the fib extension targets both line up near enough identically.
We do need to be careful as we can see all of this is taking place just as we have seen a break of a monthly channel... this is a monthly channel though, so its still possible that both of these trades can play out.
I will be looking for confirmed shorts on this pair next week (breaks of the double top / ascending channel)
we have this ascending channel with not only divergence throughout the channel itself, but also across a potential double top.
Price action from Friday looks extremely bearish.
Both the potential double top and channel break can only have 'assumed' targets at the moment, however the fib extension targets both line up near enough identically.
We do need to be careful as we can see all of this is taking place just as we have seen a break of a monthly channel... this is a monthly channel though, so its still possible that both of these trades can play out.
I will be looking for confirmed shorts on this pair next week (breaks of the double top / ascending channel)