We're in:
- III Cycle Wave (purple)
- (2) Intermediate Wave (blue)
- C minor leg (red)
In my humble opinion, we might be right in the ABC correction.
Next buy zone - red rectangle.
However, to validate this count we need to break through 2 support lines before it gets there.
On the bottom - major support line (it coveres with 0.786 level - very bottom of possible retracement.)
On the other hand I believe there is a small chance to break down through 0.65 fib retracement as there also we find a strong support ( which is also a resistance for previous wave 3.
Targets:
1:1 extension (blue)
1:1.618 (green)
- III Cycle Wave (purple)
- (2) Intermediate Wave (blue)
- C minor leg (red)
In my humble opinion, we might be right in the ABC correction.
Next buy zone - red rectangle.
However, to validate this count we need to break through 2 support lines before it gets there.
On the bottom - major support line (it coveres with 0.786 level - very bottom of possible retracement.)
On the other hand I believe there is a small chance to break down through 0.65 fib retracement as there also we find a strong support ( which is also a resistance for previous wave 3.
Targets:
1:1 extension (blue)
1:1.618 (green)
Trade closed: target reached:
It bounced off the support line. Hence, the idea is cancelled.