We are in a correction started at 1.13
Two possible counts now :
1) Wave B is in place so now price is making wave C higher as a motive wave giving long opportunites. ---------------------------> LONG
2) We are in a WXY formation, so that we then need price to fall down to Y to have B in place, followed by a C wave higher.
In this case, the (i, ii) wave count is a 3 way (abc) move who might be completed. --------------------------------------------------> Pending Long OR Short Intraday
Economic events did not help enough today.
Two possible counts now :
1) Wave B is in place so now price is making wave C higher as a motive wave giving long opportunites. ---------------------------> LONG
2) We are in a WXY formation, so that we then need price to fall down to Y to have B in place, followed by a C wave higher.
In this case, the (i, ii) wave count is a 3 way (abc) move who might be completed. --------------------------------------------------> Pending Long OR Short Intraday
Economic events did not help enough today.
Note
Wave 3 doneTrade active
Price fell as expected, now there should be a move higher. The divergence forming says that also.Trade Setup : Pending Long for a few pips.
** Entry : Wait for MACD's blue line cross the orange one, trend-line break and/or MA before entering this trade
** SL : last low.
** Target 1 : go after 0.618 Extension level as there might be a truncated wave 5 (means this wave will stay lower than wave 3 high)
** Target 2 : 1.1770
* * * Note : To find the end of this move, look out for divergences.
Note
Note
Price going my way, SL moved to break-even.Now it's a risk-free trade.
Trade closed manually
TP because leaving the screen for today.Note
+67pipsNote
Wave B seems to be in place. Price now in a motive wave higher.*Is there still a chance for this move to be an irregular flat ? If yes, price needs to turn before 1.1854 (Fib 1.382 lvl).
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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.