We had a strong reaction on previous reactions point, now I see two possibilities for the BR market. A re-teste for previous support and change to bear market, or strong consolidations between this support-resistance area and back to a bull market.
this prediction is based on the market circle as you can see on around march we dump or find the bottom of the trend and on July we make a new high or retest the top.
also 2 possible price moves for the next month and so on..
- The Index in the last week fulfilled its role by starting the leg "C" of all movement theorized by Elliot. To finish the leg "C" and if everything goes within the "compliant", we will have just one more corrective move up to the 108.7K region.
- If we lose the 108.7K region, (where we have a red bar ignored in the distant month of November, more precisely on...
LONG AND RISKY TRADE
Perhaps a late entry, but it might be worth it since fundamentalist analysis corroborates with this view.
Dragonfly pattern on the Daily chart.
SL is right above the last high
TP1 is right at Fibo's 38.2%
TP2 is right at Fibo's 50%
TP3 is right at Fibo's 61.8%
I would highly suggest moving SL to BE as soon/if it reaches 23.6% of Fibo.