Analysis method - “Gann Swings + Price Action”
August 15, 2018
Daily chart: Upswing has started. This move may have either significant or limited potential, since from one hand, the market didn’t form full-rate buy signal and from the other hand, the space of last swing allows the price to be corrected right to the 400.00-413.00 area (watch the red arrow).
H1: Local upward structure is forming corrective swing, that, probably, will be ended at the 300.00-312.40 area, where a very strong resistance level resides.
Main scenario: Growth in direction 300.00-312.40 and then downward reversal.
Alternative scenario: Breakout and gaining a foothold above 312.40.
Trading recommendations: Search for sell signals at the 300.00-312.40 area.