This pair has been flirting with it’s old top for weeks. Jamakemecrazy! Here’s a possible Elliott Wave count. I’m not jumping in just yet but will be watching closely.
There is a slight possibility that a top is in place. Let’s see what the next few days bring. Also note that the weekly volatility has been going down on this pair since it bottomed last October. As we are now printing weeks that are below the average volatility price travel, a potential break out is coming due.
Most pairs are below their 52 weekly average which is a common break-out signal. The question of course is which way will the break occur?
I’ll cover this in more detail over the next few posts
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