This is we can expect in this small time frame:
- Firs ABC correction to local support, reaching 0.786 - 0.618 level.
- Second impulse to test the falling wedge resistance.
So the options are:
1 - This is an ABC correction that will be rejected at wedge resistance.
2 - This is an ABC correction but in a large time frame so we can expect one more impulse.
3 - This is the beginning of reversal so this could be a wave 1.
Targets:
1 - at least 7.2k area.
2 - if we break the falling wedge, then 7.5k.
After that, we need a daily candle closing above 7.5k, otherwise we may expect some more blood...
PS: This is a LONG position for me, but eyes open on resistance levels...
Good luck to all!
- Firs ABC correction to local support, reaching 0.786 - 0.618 level.
- Second impulse to test the falling wedge resistance.
So the options are:
1 - This is an ABC correction that will be rejected at wedge resistance.
2 - This is an ABC correction but in a large time frame so we can expect one more impulse.
3 - This is the beginning of reversal so this could be a wave 1.
Targets:
1 - at least 7.2k area.
2 - if we break the falling wedge, then 7.5k.
After that, we need a daily candle closing above 7.5k, otherwise we may expect some more blood...
PS: This is a LONG position for me, but eyes open on resistance levels...
Good luck to all!