Price broke out of a falling wedge, and is heading up in the medium term.
However, we broke out of a support trendline, so we're going down prior to the up move.
In addition, a wave 5 pattern completed (wave 3), which should send this down to the 78.6% level (wave 4). This level is coinciding with the wedge channel and other trendlines.
For the move up, i'm looking for a test of a larger symmetrical triangle resistance line.
This final move up will be the wave 5. The correction should bring price down back into the large symmetrical triangle support zone where we should see price move back up again for the long term.
However, we broke out of a support trendline, so we're going down prior to the up move.
In addition, a wave 5 pattern completed (wave 3), which should send this down to the 78.6% level (wave 4). This level is coinciding with the wedge channel and other trendlines.
For the move up, i'm looking for a test of a larger symmetrical triangle resistance line.
This final move up will be the wave 5. The correction should bring price down back into the large symmetrical triangle support zone where we should see price move back up again for the long term.
Comment:
Comment:
slightly higher entry to add onto the short.
Comment:
Price just missed the entry by less than 5 pips.
Looking for another move up to around the same level for another drop.
Looking for another move up to around the same level for another drop.
Comment:
Comment:
Nice break up to the top past resistance on the last 4 hour bar.
Comment:
entering long at 143.949