Price has been consolidating with pivot
lows near the 0.786 fib level since may of 2013
. During this consolidation there has also been a series of contracting pivots
around key fib levels. This is demonstrated by the green, yellow and pink lines. Each wave is a simple up and down followed by up. The current wave is completing the down which may be followed by an up. I will be looking for this up to test the center ML of fork
b near term. I have a long target near 3.60 with a stop at 2.30. This yields a 3.8 R/R ratio for this trade.