However, it look like a quite decent setup for short term trade.
I believe we just finished Wave 4 (ABCDE) as it reached 0.5 fib level.
Moreover, E leg landed on the Wave 1 resistance.
As we all know wave 4 cannot overlap into wave 1 territory (In leveraged markets it can by wick or so).
We might be just on the bring of the Wave 5.
- Green 1:1 Wave 1 extension.
Buy zone - RED
Price is gonna most likely jump off 55MA (red line), which also happens to be 0.618 fib level.
Very strong support line.
We might wick down to 100MA (oragne)
Perfect bounce from 0.618 fib.
Blue - 1:1
Green - 1:1.618