Hello Traders, recently price has broken through the minor support line and back-tested it. What interesting is that the level at which it touched the support line( resistance line now) is the 61.8% retracement from the last move down. Additionally by counting the waves it seems that we are about to complete wave B and enter wave C. I am opening short and placing my stops right above wave 5, my first target will be at 8600, where we had the completion of wave A. I am expecting price to continue to fall further and test the major support line where I've placed my second target( around 7400)
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Looks like a harmonic pattern has formed
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Price has been oscillating over the weekends, the last local high didn't exceed the level of point D. Now the support line drawn through the A-C is the key, when it brakes the prime scenario will unfold. My targets and s\l remain in the same place.
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A-C support has been broken, main scenario in progress, I am expecting the major support line to be reached within next couple of days.
any update on a possibly bigger right wing? Interesting TA to say the least
FX_CouchPotato
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@cryptjdaily, Hi, just posted an update. I think the right wing is completely formed, now it's just a matter of braking the support line and scenario will unfold.