Confirmation of a breakout above the range detailed earlier is encouraging, combine this with the aroon crossover progressing as expected means we are on track for a 20pps rally. Confidence now sits at 90% based on the chart. I have left the previous lines on to show that this is conforming to the chart pattern I have detailed
If amigo holds itself within the trend lines we should see a flip of the aroon and a correction bounce of the mfi. This should result in an attack on 20pps.
A drop below the trend line will bring a bearish downward trend potentially reaching 10pps.
The overall assumption here is that we will see a strong rally with a 85% probability of 20pps within 3 trading sessions.
I am not a indicator trader and I never use them in Forex or any other big market but to be honest for penny markets indicators work better than Elliot wave. I usually use basic Elliot concept + Indicators to trade penny.
This one shows some good volume and also the price close above the T-Line( 8ema) and 50 day sma
Keep it going as long you see a sell signal...