Short correction coming soon

I called this pair long a few weeks ago (see chart link below) now it looks like it's ready for a correction before continuing long.

If you want to trade the correction watch for a break of the diagonal - then look for a short entry set up. You may want to simply wait for a new long set up which I expect some time over the next couple of weeks.

Forecasts will be updated as they develop so remember to follow to receive them.

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

Comment:

Price is heading for the top of the diagonal - I'll be looking for a short set up provided it doesn't breakout at the top. Any short entry here could become a nice trade if we get the expected correction. Remember never try to pick turning points - wait for the entry set up

Comment:

I had to adjust the channel to accommodate the push up but I'm still looking for the short - I'm short on this now. Tighten up stops once price reaches the bottom trend line. If it breaks out we'll have a nice corrective trade. Of course it may bounce back into the channel.

Comment:

Beautiful. We've had a break out and nice trade down. Tighten stops if you've been in this for a while. This is only a correction so I'll start to look long over the next day or so.

Comment:

We'll probably get a small correction before this move down is complete. Then I'll start looking for a long set up.

Comment:

A word of caution - I redrawn my channel and we may not have broken out as previously thought. For me this is a decision point - possible breakout and possible bounce back up. Tighten stops if you haven't already done so.

Comment:

Suddenly we have a potential breakout. Wait to see if it consolidates before we can say with confidence it is a breakout.

Comment:

We've had a pullback and one more wave down. We could see another pullback and another move down before I'll start thinking long. As always decisions are adjusted according to the structure that forms.

Comment:

WE should be near the bottom now although we don;t have divergence on the MACD yet. Start looking for a long set up over the next day or so - possibly Monday

Comment:

This is my last update on this chart. The move looks complete and I've drawn a new chart for the move up