GBPUSD#2

Am I being biased or what? That I keep thinking everything is going down this week? What if a reversal is on the card like what Namikumo predicts? Anyway, it's a learning process.


GBPUSD has broken the trendline, so I simply take it as a sign of going down. (note: yes, it can be pulled back into the trendline, or bounce up to hit the trendline before it goes down again)

Both Yellow C1 and Small White C1 are not completed yet, with targets of 1.4308 and 1.4366, respectively.

However, in the 4H chart the price is sitting on the top of the cloud while the Chikou is right on the price action. It's really an unsure situation. Will the price bounce up and bring the Chikou off the price action for the time being, or will the Chikou pierces thru the price and bring the price action down and out of the cloud? Kijun-sen can be a resistance for the Chikou at 1.4446 (note: another Chikou support line)



I'm expecting a upward retracement, and then a downward movement to complete the current wave before another direction comes up. Small White C1 target of 1.4366 is a more realistic target, which might coincide with Chikou hitting cloud bottom. Then J is formed? Then retrace up to form K? wow... that's so ideal... too good to be true.

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