So we popped out of the ascending wedge and have made what looks to be a corrective ABC as part of Wave 4 of this up move. Wave 3 was split in to 3 sub waves (i, ii, iii), and iii was pretty unconvincing as it goes due to the squeeze at the top with the wedge and neckline.
I'm expecting a retrace back on Wave 5 (from here or maybe a little lower) to have another go at the neckline and that previous high of 11,750.
As it currently stands, I don't think it has the volume or movement to break either and we may get a failed wave 5. That may change though on the way up, so i'll be keeping the long I just entered active but with my finger on the trigger as we get close to decision time.
Happy trading!
I'm expecting a retrace back on Wave 5 (from here or maybe a little lower) to have another go at the neckline and that previous high of 11,750.
As it currently stands, I don't think it has the volume or movement to break either and we may get a failed wave 5. That may change though on the way up, so i'll be keeping the long I just entered active but with my finger on the trigger as we get close to decision time.
Happy trading!
Comment:
Engulfing candle on the 1 hour after bouncing off the red dotted trend. Think we will be heading up (for the time being)
