We can see the formation of a 5 wave corrective structure on the daily time frame which has broken to the downside. There is a smaller structure which has formed below the daily structure. A break of the smaller structure should indicate the continuation of price movement to the downside.
The 3 Take Profit levels are indicated using Fib retracement targets.
The 3 Take Profit levels are indicated using Fib retracement targets.
Note
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Note
As things stand now, it is possible that we will see the 5th wave up here before the break to the downside. I am not interested in the long as it could reverse and break at any time. Wait for the confirmation of the break.
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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.