Usually the 5th Elliot Wave signals the end of a trend, like in this case. We then had the market forming a possible Head & Shoulders just under the trend-line of support. We have a strong area of congestion shown by Volume At Price (VAP) where I can put the Stop Loss. This area makes me feel quite comfortable because is not easy to break. Even though, this could be a good opportunity for a long position, I would be very careful because there will be high impact news for JPY tonight (GMT TIME) which should rise the value of JPY. So I'd wait until the end of those news and then see if I can still place an order. Here the perfect entry would be either on the Break Out or on the Test of the trend-line.
I WILL POST UPDATES.
I WILL POST UPDATES.
Comment:
JPY's news didn't affect our set up. If you missed the break out, you can still enter on a future test
Comment:
Take Profit 1 has been hit!