The counter is due for a long-term correction which is bound to happen now.
After consolidating in a tight range as a 3-wave abc pattern (long-term wave B), it has yielded a bearish breakout.
So, the wave C, which is usually a 5-wave formation is set to follow.
Also, the counter is currently testing the broken support and converting it to a resistance, which is a good time to enter a short trade.
And we expect the pair to slide down further from here.
After consolidating in a tight range as a 3-wave abc pattern (long-term wave B), it has yielded a bearish breakout.
So, the wave C, which is usually a 5-wave formation is set to follow.
Also, the counter is currently testing the broken support and converting it to a resistance, which is a good time to enter a short trade.
And we expect the pair to slide down further from here.
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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.
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.