Last week you can see we had this great descending channel which played out perfectly, perfect moves up and down. Earlier this week we had that massive corrective climb up, touching the previous high which has proven to be a very strong resistance as we price was clearly rejected there.
We've had the release of the US PMI data today which had only a small impact, if anything, it gave enough volatility for people to exit their trades.
We now have another clear descending channel in play, and I'm hoping we can hit last weeks lows. It may only test this support and head back up, but I will only enter another trade if I see any indication around that support area.
You could enter a short trade now, or wait until it pulls back a little more into the sell area of 1,20400.
TP points (areas) on the elliot wave pattern.
Final TP at 1.19310
Trade active
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Still active, held this trade overnight and added some on this morning which caught the pushdown to 1,19570 before a correction upwards.
Still bearish and expect this to hit TP and last week's low of 1,19310