I'm expecting very big down impulse, which will break the previous monthly bottom. That's why I'm seeking short trade setups in this pair. We got a down move in this timeframe and it looks like a correction is in the making. I have an entry order below the previous bottom. I'm also waiting for a breakout trade. If I manage to find a better entry, I will take the trade manually and remove my order. I have to tell you that it is a very risky trade. If it makes a running flat like I draw with green lines, it will reverse immediately and stop out. If you like to take this trade please don't forget this possibility.
Internal Structure of Correction:
Long-Term Forecast:
Order cancelled
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It broke the previous top, that's why I take off my entry order. Of course, I'm still looking for short trade setups. For now, there isn't any.