Hello everyone!
Elrond is still in correction and the December 28 candle has closed at 0.618 Fibo level of the December 22 drop.
That means that Elrond may continue downwards if doesn't close above 26.374.
Whether it looks that December 27 uptrend contains an impulse the wave formation is yet to confirm the bullish price action.
Currently EGLDUSD is above the wedge and will proceed upwards, pattern to watch here is ABCD.
If the pair remains above the 25.260 support, the bullish will continue
Elrond is still in correction and the December 28 candle has closed at 0.618 Fibo level of the December 22 drop.
That means that Elrond may continue downwards if doesn't close above 26.374.
Whether it looks that December 27 uptrend contains an impulse the wave formation is yet to confirm the bullish price action.
Currently EGLDUSD is above the wedge and will proceed upwards, pattern to watch here is ABCD.
If the pair remains above the 25.260 support, the bullish will continue
Trade closed: target reached