- Support line here is a confluence between the high-low range's 23.6% retracement mark and the previous wave's high
- Will wait for price action to see a bounce on support before entering market
- If support flushes, I will look to second line of support and WATCH the price action before CONSIDERING a LONG.
- If support holds, I will LONG, targeting 1.3062 for completion of formation
If price action reaches the second level of support, which is stronger, I will once again CONSIDER a LONG. The price needs to find strong support before I take a LONG.
- Support line here is a confluence of the line from the high-low range, the 23.6% retracement mark from the first wave, and @timwest Time at Mode line.
- Target: Previous wave's high at around 1.2972
- Price has broken through downsloping RED which was previous resistance since October 2011
- Dollar index is still hovering near its highs and might push further up despite recent retracement from NFP data.
- If dollar index breaks through channel support, I will change my mind and cancel these trade ideas.