H4: The 61%Fibo zone has almost been reached in this slow and choppy wave progression but the Sell Zone of grey rectangle area has not been touch. Neverthe less the outlook is to the downside as market has to complete one more cycle down - wave C of a ZigZag OR wave 3 or more impulsive decline.
H4 Dow Analysis: Two bearish formations here on this time frame: Rising Wedges. Moreover any price below L30 is lower low.
D1: Schiff's Median Line target projection here with the same outlook as per H4 chart.
Daily Time Analysis: Monday is important Fibo Time Cluster date and price might react in finding the top for wave 2 or B @ 61%Fibo. With this in mind, more downside wave progression is expected up to 5th Dec when next important FTC date is. Nevertheless, the most important FTC is on 18thDec and that date might act as a time target for wave C OR C to bottom. First target is One-to-One market geometry level @ 1.3084 - 1.3111 area.
Support/Resistance:
1.3831 - Swing High
1.3625 - 1.3678 - SELL ZONE
1.3292 - Swing Low
1.3112 - ZigZag Target Level #1
Trading Recommendations:
Sell Zone is entry area for shorts (Swing Trade):
- With entry @ 1.3625 and SL @ 1.3692 TP @ 1.3111 R/R=7,5 to 1
- With entry @ 1.3649 and SL @ 1.3692 TP @ 1.3111 R/R=15 to 1
- With entry @ 1.3678 and SL @ 1.3692 TP @ 1.3111 R/R= 47 to 1
AVERAGE RISK TO REWARD RATIO ANYWHERE FROM SELL ZONE IS 23to1.
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