OVERVIEW ( )
As you can see here, this pair is in a corrective wave I've labeled an . With the recent bottom, it has just finished wave B and starting wave C. If this is correct, this is a great opportunity to jump on board.
Zooming in on current price action, you can see that it's oversold on the as well at the current bottom
Going with my wave labeling, I am making the assumption that the bottom just put in is the low of the wave B of the corrective pattern. If that is the case, then now is a very good chance to get in on the coming wave C up. If the projection of wave C is also correct, then this wave C up could potentially be A LOT of pips. If you play the wave C, keep in mind that it's a LONG TERM trade maybe in the order of a few months time. If you are a swing trader, then just keep the wave C in mind and look for trend-continuation patterns.
The potential I have placed on the main chart would also contain the retest of the broken lower of the previous pattern. Prices will often retest prior broken as you well know.
Personally, I've already taken a LONG position based on the recent PA. I will stay in the trade up to the completion and close 50% of the trade and watch the price action as prices retest the lower of the previous pattern that was broken. At that point, prices should RETRACE back down to probably hit target 1 and/or target 2 (not shown) of the before resuming moving up.
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