The plan is to look for exhaustion by looking at the MACD on the daily, it is suggesting just that however if it breaks downside is limited.
Currently I want to look for buy setups around the 50 / 61.8 fibs. 50 is possible but i believe 61.80 / the lower yellow TL is a dream scenario. In order for this corrective structure to be invalidated we have to break the TRUMP low.
* Another scenario is that this is not the 2nd wave but the 4th wave corrective structure. We can therefore look at the MAX support being at the green line i highlighted.
But in both possible scenarios 3rd wave / 5th wave is imminent. We can also get a truncated 5th creating a double top.
Finally, RIGHT now we are still in the A wave of this "final zig-zag". 5-3-5. So look to see if the b-wave forms a 3 wave structure. We just have to observe for now.
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Zoomed in 1h. Looking for a possible flat / expanded flat setup. 3-3-5. Can't tell as of yet.
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Wrong picture, this one is right. 4th wave should at MAX hit the bottom of wave 1.
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From a fundamental standpoint, UJ is clearly following the developments of trumps healthcare bill.
I quote some republican dude: "REP. BRADY: 95% AGREEMENT ON HEALTH BILL AS OF THIS MORNING"