5 wave sequence inside of a falling wedge pattern.
At support - when brexit made the first drop, it bounced from the recent low and turned higher (before the longer more grand drop).
5 wave sequence completed on the minor level indicated by the fib level.
On the daily, we can see a small range formation from the recent lows to the 88.6% fib level.
This should break out of the wedge, and create a breakout pull back scenario.
Looking to play the short from the 88.6% into the daily close before we saw the gap down and move higher.
Looking for a quick run-up after the retest of the wedge to play into the volatility brexit will bring.
At support - when brexit made the first drop, it bounced from the recent low and turned higher (before the longer more grand drop).
5 wave sequence completed on the minor level indicated by the fib level.
On the daily, we can see a small range formation from the recent lows to the 88.6% fib level.
This should break out of the wedge, and create a breakout pull back scenario.
Looking to play the short from the 88.6% into the daily close before we saw the gap down and move higher.
Looking for a quick run-up after the retest of the wedge to play into the volatility brexit will bring.
Comment:
My MT4 shows this more clearly, but general idea of the daily range forming along side the falling wedge.
Comment:
break of resistance trend line on the 1hr