It appears that we will likely see corrective movement to the upside through the end of the month. This is clearly an impulse, indicating that this is either a C wave or a 3rd wave.
Looking at the previous leg to the upside, it reached the 1.236 extension. Indicating a 3 wave move - A wave. Meaning that this is clearly not a third wave, it's a C wave.
Locally we are looking for a short term pullback likely to the .5 - .618 retracement. This could present a scalp long entry, however it will be a counter trend trade, which carries much more risk than waiting for a short opportunity. A break below the .618 at $10,300 would likely invalidate further upside. If we roll over here and do not find strong support, then this is a possibility that I am considering:
If you are experienced with trading corrections, this move offers easy scalp opportunities. However, from the perspective of the larger structure, this move up is not the move I am looking for to swing. It's the leg that will follow that I am interested in.
Looking at the previous leg to the upside, it reached the 1.236 extension. Indicating a 3 wave move - A wave. Meaning that this is clearly not a third wave, it's a C wave.
Locally we are looking for a short term pullback likely to the .5 - .618 retracement. This could present a scalp long entry, however it will be a counter trend trade, which carries much more risk than waiting for a short opportunity. A break below the .618 at $10,300 would likely invalidate further upside. If we roll over here and do not find strong support, then this is a possibility that I am considering:
If you are experienced with trading corrections, this move offers easy scalp opportunities. However, from the perspective of the larger structure, this move up is not the move I am looking for to swing. It's the leg that will follow that I am interested in.
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