As expected, price bounced off the level with an impulsive move.
The target has been revised to 61.8 - 76% retracement of the upward move.
Another entry here with a tight stop for a nicely skewed RR of 4.
Looking at the current correction to complete as follows. First leg was 3 waves, expecting another 3 waves up to previous highs with another 3 down back to current levels to make a flat correction for more upside.
Got a bit carried away with this one.
Absa seems to have completed a flat correction with a clear ABC structure.
A break above the declining trendline could open up a move towards 20000.
An entry will be confirmed by a small correction after the initial impulse (retest)
The pound has been showing weakness and taking a beating against all majors.
The price is now stalling at a level where it has reversed before multiple times.'
Will be looking for entry signals to the downside.