Target for the short and new possible longterm long might be coming up if the AB=CD completes.
I would say between roughly 110 and 108.50 would be nice.
Watch for confluence of MA and pattern with oversold levels or divergence.
Might be wave 4 retracement.
Could drop to around 107.25-106.50 though (1.618 extension + 0.618 retracement) in which case it could still be wave 4 retracement but just as well wave 3 of bearish impulse... Let's also keep an eye on the timing to see what to make of it...
So still short but getting ready to switch to long...
I would say between roughly 110 and 108.50 would be nice.
Watch for confluence of MA and pattern with oversold levels or divergence.
Might be wave 4 retracement.
Could drop to around 107.25-106.50 though (1.618 extension + 0.618 retracement) in which case it could still be wave 4 retracement but just as well wave 3 of bearish impulse... Let's also keep an eye on the timing to see what to make of it...
So still short but getting ready to switch to long...
Comment:
This was the short idea, keep an eye on that one also:
Trade active:
Pattern complete and MA hit, entries 108.35 and 108.20 with possibility to add lower, update here:
Trade closed: target reached
