Hi everyone,
While below 8,424.99 we can expect a new low to around 7,640-7,500ish to complete the correction of 06/04/2018 low cycle in the form of a 4th wave from 02/04/2018 low. However, a break from current level would indicate red -4- is already in place and we should expect a challenge of 9,188.10.
If we have the double correction from the yellow box, buyers should appear and I would buy with stop below 7,240.00. Target would be around red -1- = red -5- so R:R is more than 2. Levels would be adjusted with developing structure.
If price breaks higher, then I will let go and would position lower for green 2.
Invalidation level to the upside remains 6,510.00
Thanks and trade safe.
While below 8,424.99 we can expect a new low to around 7,640-7,500ish to complete the correction of 06/04/2018 low cycle in the form of a 4th wave from 02/04/2018 low. However, a break from current level would indicate red -4- is already in place and we should expect a challenge of 9,188.10.
If we have the double correction from the yellow box, buyers should appear and I would buy with stop below 7,240.00. Target would be around red -1- = red -5- so R:R is more than 2. Levels would be adjusted with developing structure.
If price breaks higher, then I will let go and would position lower for green 2.
Invalidation level to the upside remains 6,510.00
Thanks and trade safe.
Comment:
We are in play. motive 5 waves down from 8,160.85 in 5min for the first sequence in the third leg. We have the start of a bounce at current level that should fail below 8,160.85 for another leg lower. Can adjust level with 15min equal leg area when when we break below 7,806.81 from higher.