Possible 5 wave or ABC structure forming.
In case of it being a 5 wave structure, the 3rd wave just got started. This tends to be the longest wave.
Strong supports and take profits at confluence of fibonaccis:
≈ 1.2800 which has already been tested
≈ 1.2723 which could start the correction of the possible 3rd wave of the 5 wave structure
≈ 1.2636 which would be the end of wave 5 and 100% extension of wave 1.
There's a lot of ground to cover so I think it's good idea to take profit at support levels and maybe trade a retracement of the waves, wait for correction, and be positioned for a further breakout.
In case of it being a 5 wave structure, the 3rd wave just got started. This tends to be the longest wave.
Strong supports and take profits at confluence of fibonaccis:
≈ 1.2800 which has already been tested
≈ 1.2723 which could start the correction of the possible 3rd wave of the 5 wave structure
≈ 1.2636 which would be the end of wave 5 and 100% extension of wave 1.
There's a lot of ground to cover so I think it's good idea to take profit at support levels and maybe trade a retracement of the waves, wait for correction, and be positioned for a further breakout.
Comment:
here's a longer term view of the structure we are on.
