Happy new week Surfers. Well I must say the charts are looking extremely symmetrical when I take last week’s trading into consideration. The inverted head & shoulders we spotted on smaller time frames late last week combined beautifully with our long term support level, to produce the bounce that recovered the early week lost ground. In fairness, the rally was sharp and decisive on Friday, giving us a similar start to this week, as last. Sincerely hope you enjoyed the new StP Pattern identifier – it did a pretty good job!!
Price is consolidating in the middle of two major levels and right on a Hotspot positioned in our trading zone. The resistance trendline that is currently containing price action commands our early attention this Monday morning. Although the big picture looks to be bullish with a continuation pennant forming, we must be mindful that DP & WP have joined forces, creating compelling magnetism for the market. The fact that DP is untested and 50 odd pips from price action needs to be well noted. For these reasons, my sentiment is mixed and I wouldn’t be at all surprised to see a move in either direction – hopefully, off our trendline with a nice setup.
I am going to leave the prediction side of things today up to Nostradamus because I think it’s a toss of the coin which way the market will move today but we have some nice lines to play with so we’ll be ready if they produce an StP setup.
Have a wonderful week everyone.
Geoff |Certified SurfingThePips.com Trader
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