During last couple of days we observed a complete diagonal to the upside, and local price pullback against the achieved high.
Diagonal is an impulsive wave, and, to the most simple explanation, it is whether a bullish signal - followed by a correction and then new highs, OR a strong bearish signal, IF THIS DIAGONAL IS THE WAVE C OF A FLAT.
In our case we may have got a running flat.
I would be very cautious with long positions at this point of time, unless price breaks the extreme of the diagonal to the upside.
Diagonal is an impulsive wave, and, to the most simple explanation, it is whether a bullish signal - followed by a correction and then new highs, OR a strong bearish signal, IF THIS DIAGONAL IS THE WAVE C OF A FLAT.
In our case we may have got a running flat.
I would be very cautious with long positions at this point of time, unless price breaks the extreme of the diagonal to the upside.
