This is an update to my previous idea looking for UJ to retrace. This is a short term outlook, but the results could have significant long term outlook.
I think the ABC is not quite done yet, wave C has only 3 waves down, and now a wave 4 up. So lets see where the final leg (w5) of wave C ends up. That will be very telling of risk sentiment.
Background: This adventure started with a search for the 'top' (i know, trading an expcted top is dangerous)
Once the retrace started, I had some fined tuned targets
From that last Idea, the price breached the upper two support zones.
So now I am thinking we have one more leg to go, and then we will know much more about the real risk sentiment
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still think UJ has one more leg down to go, but am starting to wonder crossing above the red zone took some serious energy
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Well here we are, at that I think is the Bulls 'Last Stand'
Zoomed in on 5 min chat, we see an exact bounce off the top of zone.
Now I am waiting to see if it breaks thru the zone above and retraces, for an entry long
@EuroMotif Wach it every day, it was a nice ride to watch, and leard from it, hope i will learn from other posts from you and even take profits! Blessings. Have a nice one.
jdani
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thinking to open new possition on shorting this to 0,618 Support, anny advice? Thank you for youre grafics.
EuroMotif
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@jdani, hello. I am sorry but can not really give advice on trades, as you should do your own analysis and arrive at your own conclusions. I share so others can compare my thoughts against theirs. But my general strategy is to trade in direction of trend and right now UJ trend might be in question.....
jdani
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@EuroMotif, Yes, i tottaly agree on what you said, but im at the begining and learning so much from you, looking to understand completly youre grafics and analysis. Thank you for youre sharing
EuroMotif
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@jdani, Understood. Look through some of my Ideas. I rely a lot on ''Fib Extensions'' to measure the momentum of a wave, and then ''Elliot Waves'' to think about which phase it might be in. There are numerous resources on the web for both of those. Of course it takes a while to get the hang of them, but once you understand their concepts, then people's charts will make sense quickly....
jdani
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@EuroMotif, Yes im looking and learning so much, blessings for helping people like me. Have a nice day, and keep us updated.
jdani
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@EuroMotif, Still waiting for a leg down , or seems to go up further?
EuroMotif
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@jdani, Hi, have not taken any position yet. If it breaks above my red zone at 113.31, then I might long the retest of it. Otherwise I will wait for a drop into green zone. But in between could be chop city....