Hi everyone,
While below 8,424.99 we can expect a new low to around 7,640-7,500ish to complete the correction of 06/04/2018 low cycle in the form of a 4th wave from 02/04/2018 low. However, a break from current level would indicate red -4- is already in place and we should expect a challenge of 9,188.10.
If we have the double correction from the yellow box, buyers should appear and I would buy with stop below 7,240.00. Target would be around red -1- = red -5- so R:R is more than 2. Levels would be adjusted with developing structure.
If price breaks higher, then I will let go and would position lower for green 2.
Invalidation level to the upside remains 6,510.00
Thanks and trade safe.
While below 8,424.99 we can expect a new low to around 7,640-7,500ish to complete the correction of 06/04/2018 low cycle in the form of a 4th wave from 02/04/2018 low. However, a break from current level would indicate red -4- is already in place and we should expect a challenge of 9,188.10.
If we have the double correction from the yellow box, buyers should appear and I would buy with stop below 7,240.00. Target would be around red -1- = red -5- so R:R is more than 2. Levels would be adjusted with developing structure.
If price breaks higher, then I will let go and would position lower for green 2.
Invalidation level to the upside remains 6,510.00
Thanks and trade safe.
Note
We are in play. motive 5 waves down from 8,160.85 in 5min for the first sequence in the third leg. We have the start of a bounce at current level that should fail below 8,160.85 for another leg lower. Can adjust level with 15min equal leg area when when we break below 7,806.81 from higher.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.