ðĩ Massive Falling Wedge. (GBPUSD)
ðĪ We are testing the first level before potential breakout as you can see the compression point in the green triangle.
You will want to play the breakout at the red line #1 for a long or a short below the green horizontal support #3 that we are on currently.
If we broke below you would look to play the green line below as support #4
Longterm Resistance is the second red line #2 and that's where you will look for a breakout to find the overall pattern to be completed, most likely would be strong Resistance for a reversal on a short.
This is a 2 week chart so obviously that is a good amount of time away from now. Will take place sometime from now to mid 2021 to break out of compression zone. Opportunity for big move is approaching.
Lomg term analysis, Best of luck! ðēðē
ðĨMLT | MAJOR LEAGUE TRADER
You will want to play the breakout at the red line #1 for a long or a short below the green horizontal support #3 that we are on currently.
If we broke below you would look to play the green line below as support #4
Longterm Resistance is the second red line #2 and that's where you will look for a breakout to find the overall pattern to be completed, most likely would be strong Resistance for a reversal on a short.
This is a 2 week chart so obviously that is a good amount of time away from now. Will take place sometime from now to mid 2021 to break out of compression zone. Opportunity for big move is approaching.
Lomg term analysis, Best of luck! ðēðē
ðĨMLT | MAJOR LEAGUE TRADER
