Kryll has been showing us some beautiful price action. We can see that since the major impulse in late October 2021, we've been in a massive correction consisting of smaller impulses and corrections.
It is evident that the minor impulses down (marked in red arrows) are getting smaller and smaller, indicating that there isn't much momentum for the downside and that we may breakout to the upside very soon. Question now is whether there is another correction coming or whether its a major impulse to the upside.
Trade Idea:
- Watch lower timeframe trendline break (dashed trendline)
- Enter with stops below the recent lows
- If its another correction, take quick profits. If its an impulse, hold your trade to the highs of November 2021 and then actively manage your position.
Goodluck!
It is evident that the minor impulses down (marked in red arrows) are getting smaller and smaller, indicating that there isn't much momentum for the downside and that we may breakout to the upside very soon. Question now is whether there is another correction coming or whether its a major impulse to the upside.
Trade Idea:
- Watch lower timeframe trendline break (dashed trendline)
- Enter with stops below the recent lows
- If its another correction, take quick profits. If its an impulse, hold your trade to the highs of November 2021 and then actively manage your position.
Goodluck!