Been very constructive with 2012 p/a. local adjustments (data, c/a, cb minutes) and relief rally from oversold, moving into Sell in May and go away events that lasts until fall, it matches up with a lot of other analogs across different asset classes from currencies, equities and commodities.. Plus => sentiment... people get really bearish way too early.. still,...
Tempting to go long from hear but going to wait till tomorrow looking for a break of this deep correction @ 10.7055 and holding break below 10.6530 cancels
Looks like correction is over with a 161.8 extention from vI to C in case of more down side presure should be limited to 10.7222 and 10.6899 but cannot pass through 10.6530 this will cancel this outlook
Correction could soon be over and should be looking for buys for a break out of chanel and in to the 11"s for wave III but lets keep in mind wave II can correct to the bottom of wave i
Excellent setup for USD/ZAR for long Short position.
Swap + Excellent R/R
This pair pays excellent swap on most brokers and is starting the Wave 3
Entry : Now
S/L : 10.60
T/P : 9.03
The price maybe heading to an adjustment phase, after the major parabolic rally. Signs of technical exhaustion on price and momentum favors further downside correctional bias, and a potential short to medium term trend reversal.
