For me however this was confirmed when PA tested it earlier today. If anything, the lower boundary is a strong which was tested 4 times already! Today we got a second test of the upper boundary imo .
I am currently short to catch a possible retracement since we had an almost vertical rally the last 3-4 days. I am however careful not to overdo it since the trend for now is clearly up and shorting is counter-trend!
I will be looking to get long after the current retracement, trying to get a decent entry for a possible move to my next target (1.1800). No good entering at market now, bad R/R ratio...
It will be interesting to see what happens when (or if !!) we retrace to the 1.1460/1.1470 level for possible clues and confirmation of the current upward bias.
Target 1 of my previous idea was reached!
Further targets for me for now are:
- 1.1800 >> 38.2% fib level of the big move down from May 2014 to March 2015
- 1.2000 >> psych level
- 1.2200 >> around 50% fib level of the big move down from May 2014 to March 2015 and possible psych level