This correction are base on analysis as below :
- Sentiment analysis;
I use 'CME options data for this. And it shows 1.3300 and 1.3600 have large number of Calls (P/C ratio). Below this, Puts are holding huge number between 1.2900 - 1. 2800 price line. "
1. the X leg (1.3455) was an Upthrust and 1.3350 was a the last Buying Climax ("BC). M top is built since the high of 6th Nov. The strong support are likely at 1.3080 (C leg) and 1.2900 ( Put area) .
2. it broke 2 low (of previous trend move) and rejected at 3rd .
Here is the summary of analysis :
1. My main support target target is only 1.3080 (C leg) and 1.2900, where I must anticipate any reversal on those support.
2. I must not ignore a small support 1.3200 area, if this hold, then it will be very .
3. If this C high area are broken with strong bar, I will not look for any potential.
4. The time target for this down move will be 2 weeks, base on X to A time length scenario.