Breakout upside. First 50% upside target of previous week range worked out. The 50% upside target of previous month range was almost tagged and stalled right below.
Next week outlook
Stalled from right below 50% target on monthly implies a test of previous month high at 1.61 in play. Thus the original breakout zone (yellow zone) is now going to determine if the breakout may fail.
The less likely scenario is that if the yellow zone fail to hold up the price, then a quick drop to previous month low becomes very likely.
The more likely scenario is that the test of yellow zone results in another leg up to complete the expansion to the upside.
Lawrence's Comment
Recap
Bear flag on 4 hours broken to the down side gave us a nice drop to Y-0. Y-0 support led to a run for week high and then breakout ...
Lawrence's Comment
Recap
News shock interrupted the parabolic up swing in ES. The strength in the index, however, forced another rally from Y-1 back up to above Y-0 before it stalled. ...
GBPUSD Week of Nov 8 – 12 Outlook
Recap of last week
Breakout upside. First 50% upside target of previous week range worked out. The 50% upside target of previous month range was almost tagged and stalled right below.
Next week outlook
Stalled from right below 50% target on monthly implies a test of previous month high at 1.61 in play. Thus the original breakout zone (yellow zone) is now going to determine if the breakout may fail.
The less likely scenario is that if the yellow zone fail to hold up the price, then a quick drop to previous month low becomes very likely.
The more likely scenario is that the test of yellow zone results in another leg up to complete the expansion to the upside.
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