We have a triangle pattern in development with two possible scenarios.
Watch the price action and wait for breakout of lower black line or upper magneta line to have a clear direction.
My view is we will have a down move and price will retest daily trendline .
Structure indicates we have possible two pattern in play - bat or cypher.
My current view is that we will have another move down before huge bull market in commodities.
If price manage to breaks current point C bat pattern wil be invalidated and price should spill to A point level and than if breaks to 715 level. ...
I expect price to reach and retest monthly trendline of channel which should be a good support and we can look for longs from that area in longer term. Look for any sell setups on lower timeframe and keep trade with target at 0.79600.
This is another concept I consider apart from the ones I have posted some time ago.
If i will have any buy setups i will try to keep them as there is high probability we might have a nice upmove to complete ABC corection before anothe impulse down.
We have a classic five waves structure upward of higher degree. I expect current correction to develops in form of triangle with 5 waves structure ABCDE similar to previous one but smaller in size.
Therefore after correction is over project next wave to reach at least 10800 level.