I'm looking for price to retrace to the 78% zone of the Fibs before making an impulsive move to the upside to hit our targets. As of now, we have a slow consolidation of price. Which means there is a higher probability that price will head lower to the 78%. Anytime price moves slower on a correction, it tends to want to head to the 78%. If price corrects faster, it typically goes to the 61% zone before resuming the initial trend.
Comment:
Price came down into the green box as we expected.I took profit. I will look for opportunities to go long. But will be patient and access price movement.