Update to my UUUU chart. I last posted a while back before breaking out of the wedge where I proposed repositioning if we failed to break and challenge the red trend resistance.
Since we have broken the wedge to test the RED. The RED was stiff and we will now retrace the move since April. This part of the wave structure would usually retrace shallowly, but I present the deepest possible retrace will test the 50 dMA.
Once the retrace is complete we could test the RED resistance. If broken we test 10. If fails, we probably sideways until true spot market moves, potentially nearer September.
My last entry was at 5.57 and a strong push to 10 would be 80% before considering a reposition to somewhere lower in the channel (As per the previous post)
Since we have broken the wedge to test the RED. The RED was stiff and we will now retrace the move since April. This part of the wave structure would usually retrace shallowly, but I present the deepest possible retrace will test the 50 dMA.
Once the retrace is complete we could test the RED resistance. If broken we test 10. If fails, we probably sideways until true spot market moves, potentially nearer September.
My last entry was at 5.57 and a strong push to 10 would be 80% before considering a reposition to somewhere lower in the channel (As per the previous post)
