After banking over +231 pips on a LONG trade we took on this pair, we are now looking at selling into a retrace with very low risk. What we see is a 5-wave move up from what could've been the wave (b) completion. By that count, this move up is part of the larger wave (c) up. This 5-wave move could be the wave a of (c) OR it could be the wave 1 of a MUCH larger move higher. We do have a longer term BULLISH outlook on this pair that calls for much higher prices to come. You can see that on my website. PM for access. Or see below.
But for now, a retrace could be in the works. In any case, right or wrong, the risk is low. We will be updating this constantly on our Skype group. See below for access
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It went just a bit higher than I have it but the trade idea remains the same. It has now broken the uptrend TL and that is a STRONG indication that the trend is done and a reversal has begun. I'm already in SHORT on this trade. But keep in mind that the previous trend was impulsive. that means that this reversal is a correction of that uptrend.