GBPCAD - Pay attention to this chart reading. This is a Case Study as well as possible Trend Change.
First, let me remind you that Market Makers need time to change market direction because they have to absorb a lot of orders. The chart below show this order absorption as well as their fake moves.
We have hit a major Fib
Hard to move up waves with SIs 21.7 amd 17.0 have been formed = Sellers
A Fake Fake move with SI 4.3 breaking the Fib (Upthrust)
The reaction after the Fast Fake is a Push Down Wave with SI 16.4
Another up move with SI 6.8 (2nd Upthrust) that never breaks the previous up wave with SI 4.3
Finally Plutus shows the entry with PS signal
All the above process has taken 7 days so far (since we entered the Fib) and still has not exited.
I would be more confident of my reading if it was not Holiday season that everybody is closing positions and the pictures get distorted with High SIs , but as you can see I am already short and waiting the result "next year".