I'LL BE LOOKING TO SHORT WITHIN THE HIGHLIGHTED ZONE. TP AT THE GREEN TARGET LINE
REASON FOR THE TRADE (TECHNICALLY):
1) POTENTIAL COMPLETION OF LEG 5 OF EW WAVE COUNT 2) DESCENDING TREND LINE AND RESISTANCE CONFLUENCE
HAPPY TRADING!
Trade active
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Comment
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Wave four on the chart was in anticipation of a 38.2% retracement of wave 3. However market reversed at a more shallower wave 4 at 23.6% retracement instead of 38.2%. My take profit on this short is represented by the new wave 4 which is at 1.19393