The pair is sizing up for the long-term bullish move and is now constructing only first two waves of an Elliott wave.
The second wave being a corrective wave has a three wave structure - ABC.
It is currently at the 1.272 Fibonacci extension of its corrective AB structure, which can act as strong support.
The MACD gauges a divergence in the 4-hour timeframe as well.
Hence we expect the pair to be bullish from here.
The second wave being a corrective wave has a three wave structure - ABC.
It is currently at the 1.272 Fibonacci extension of its corrective AB structure, which can act as strong support.
The MACD gauges a divergence in the 4-hour timeframe as well.
Hence we expect the pair to be bullish from here.
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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.