There's an active daily time at mode uptred at play here, and the price seems to be forming a pair of nested impulses in EW terminology. This is secondary in my analysis but I suspect that we will see a correction take place, allowing us to enter a long position with excellent risk/reward tomorrow. The fibonacci retracement levels or the low volume support area below might stop the decline. I'll update with the setup, London might give more clues, hopefully not triggering a setup before I wake up. Good luck, Ivan.
UPDATE:
Correction almost complete! It looks like we might have an excellent buy opportunity soon.
UPDATE 2:
Entered and already closed 75% of the position. Looking to scale in on a retracement. Potential daily target:
Interesting rejection at the fib level above.
Next week might offer more buying opportunities.
IvanLabrie
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My partner in crime, Nick Coulby posted his EW count: We go back and forth and have been working on charts together to compare conclusions based on our different approaches.
I'm not sure about the wave count, but I'm still long, left 25% of my position running in case there's pending upside after a correction.
Will update if I spot a new setup or if I decide to get out.
IvanLabrie
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Price being rejected by the mode still, I suspect the correction is incomplete in the dollar.
I'll wait to buy lower. Same with eurusd, and usdcad.
IvanLabrie
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If price gets rejected by this area and doesn't cross the low volume support we might see the uptrend resume and wave ii complete, signaling a buy:
Going by USDCAD, and the still bearish crude oil chart, I suspect it will happen during the news release in 2 hours. This should also trigger a sell in EURUSD.
The hourly downtrend expiration was spot on!!!