Could be very volatile day in view of the schedule event. We might spike low or end the day lower. However it is worth looking for intermediate term long entry either today or early next week.
Technical Summary:
1. It seems that since march low the entire rise has been a WXY zigzag with recent high on 24th August been confirmed by RSI momentum high.
2.The decline though strong still lack clear 5 wave impulse counts. Hence I am treating this as corrective.
3. We have effective Pitchfork (schiff) which has caught the upside well and could now offer potential support at the lower parallel.
4. We have polarity zone lining up with whole number (minor) and several rib retracement and projections.
Conclusion:
Looking for long in the 1.1 -1.09 region.
Failure would below 1.08
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
Technical Summary:
1. It seems that since march low the entire rise has been a WXY zigzag with recent high on 24th August been confirmed by RSI momentum high.
2.The decline though strong still lack clear 5 wave impulse counts. Hence I am treating this as corrective.
3. We have effective Pitchfork (schiff) which has caught the upside well and could now offer potential support at the lower parallel.
4. We have polarity zone lining up with whole number (minor) and several rib retracement and projections.
Conclusion:
Looking for long in the 1.1 -1.09 region.
Failure would below 1.08
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
