zoming out on the charts we can see price is in an and is at the bottom. the way price has been dropping and the reaction it has had at the channel line shows me there is a high probability price will reverse. my chart shows this leg is contained within a channel, giving an indication that the structure is corrective so the bigger is not ready to break. i must first see an impulsive leg drop before considering a breakout of the bigger uptrend. there is a completion at 1.46607 and seeing price on a smaller scale is forming a tiny flag, there is a chance it will reach the completion point. so i will wait for the trade setup to develop.
- countertrend structure
- impulse, correction completion
- completion and/or 9, 20 crossover