The daily gann has flipped but it must now sustain lower

Dragon Riders GBP/JPY

And it may do so. I would prefer that to give credence to a bearish view. But last time the pound took it up we never got that expected up move.​ It looked bullish but just went sideways. In a sideways move, it either plays the Sept 2014 game, or it ...

Dragon Riders GBP/JPY

Channels and trend lines seem to get moved around all the time to 'suit' but there's always one line that never changes. image

Dragon Riders GBP/JPY

They're often bullish

Dragon Riders GBP/JPY

And a very deep retest of the wedge top. Either a very bullish sign or a statement that any next high will kill it absolutely dead.

Dragon Riders GBP/JPY

There's always a problem analysing weekly/daily using lower time frames. However, using the 4hr TF, it has been climbing relentlessly in a rising wedge, which it broke out of 28 hours ago. Four hours ago, it fell back precisely into the centre of ...

Dragon Riders GBP/JPY

Be cautious at about 184.35/4. There is some resistance there and that point is where this move would be equal in length to the previous 175/185 move. It will likely run through, but it could be significant.

Dragon Riders GBP/JPY

Yeah, this last move over 182.2 almost has a feeling of something about to get terminal. But it would need to get under 181.8 to fall back

Dragon Riders GBP/JPY

Any fall back next week to or below 178.5 would be suggestive of a larger retracement back towards 176.5

Dragon Riders GBP/JPY

If you want a really good side by side analysis, compare the daily candles and horizontal support levels here with what happened the last time it launched from the bottom in early February. At that time 180.4 was expected to hold it, but it got up ...

Dragon Riders GBP/JPY

Watch the higher tf's. It could yet be in a rounding top again. Seeing you all appear to enjoy chart patterns, these have occurred quite often in recent times - 187 was a very good visual example. They're best viewed on higher tf's ; price attempts ...

Dragon Riders GBP/JPY

Yes, hold here takes it up. But daily fade underneath and below 178.16 says end of a B wave.

Dragon Riders GBP/JPY

Of course, it has to extend from here. Stopping at first resistance less than 15 pips above a previous high is sometimes not a good sign But it probably will keep going

Dragon Riders GBP/JPY

As this could be it's a last wave up before a pull back, it may struggle at all horizontal resistances above here. Don't forget the monthly pivot at 179.8/9. Only much over there is it good for the 180/181 area

Dragon Riders GBP/JPY

High class Australian culture for the early evening. Think I'll pour some wine and sit outside with the mosquitoes.

Dragon Riders GBP/JPY

Mate, no matter what time it is, we're always wide awake and on the ball down here.

Dragon Riders GBP/JPY

And a late afternoon to you.

Dragon Riders GBP/JPY

The interesting thing here is that the upside break argument could bring a totally different medium - and maybe longer term - outcome from the direct down approach. Direct down breaks to 175 and (possibly) new lows, then more than likely tries to ...

Dragon Riders GBP/JPY

The issue of chart patterns can be taken to extreme. But their essence is that they absolutely have to confirm. Just because something looks like a H&S or a crab or other such concocted thing does not mean they are real. One of the few patterns I ...

Dragon Riders GBP/JPY

Good to see you are. I doubt it will give this easily.

Dragon Riders GBP/JPY