Watch out - if it breaks the red bottom line - then we could be in for a bearish impulse instead.
It has tested it - but still not broken it. Believe it will do.
Hope a lot of you are having your long positions and gaining a lot from this.
Correction was not as strong - but what an impulse.
I see it from the trading/channel pattern
Try see it from the wider perspective:
I did for a long time ago - and traded based on news of everything, but that was not solid at all.
News will make short corrections, due to these "news traders". But trading machines and fonds will not trade based on news - only by analyze and see the technical side.
For instance - oil today, made corrections for about 30 minutes, due to some news - then went back where it should.
If you look at this chart - you will see there is corrections all over the line.
From now - I believe it will go a little more down, before it will make correction (sideways) for a while - and then decide to go bullish again.
And with 2 hours chart - it will look like this.
Looking at MACD - I assume it will follow the green lines.
Well - even the smaller jumps up and down, can be very beneficial to trade ;) There could be up to 3.000 pips to make on a good trade like that.
I would look for a new long position when price get below 16.500. It could go all the way to 15.800 - but most likely just stay above 16.000