ScottBaxter

ScottBaxter

If current bullish pattern continues

ScottBaxter

If downtrend commences when open possibly down to 1.425 before retracing back up to 1.435 and then down to 1.415. So looking an initial short position.

ScottBaxter

Will see if the downtrend with continue into next week to 114 before bouncing of the 38 fib and rising to 115.5 on the 0.68 FIB if the up trend continues commences

ScottBaxter

With the 200MA still being in an uptrend the leg 5 could reach up to 1.10 before an impulse ABC correction off the 0.23 fib at 1.09 and then down to 0.38 FIB which aligns with 0.5fib down at 1.08

ScottBaxter

Possible retracement to 38 which lines up with another major 50 fib but expect it to continue short to 1180 to last low point end of Feb.

ScottBaxter

Might be an extended wave 3 down. Although 200MA is currently neutral

ScottBaxter

The current pattern is possibly a corrective ABC if the 200EMA downtrend continues. Therefore possible 123... down trend may follow?

ScottBaxter

Second attempt at a wave. Trend slightly down on 200EMA and may be approaching the last leg on a down trend. Awaiting ABC uptrent after wave 5?

ScottBaxter

First attempt at looking at waves patterns. Review next week.