There is one last move to the downside that has to play out to complete the correction wave structure. This move is likely to close at the 78.6% level but it is also possible for it to extend down to the 88.6% level (flashing out weak hands) before going up.
*NB: Also note that the RSI (shown above the chart) has to reset on the hourly chart hence the anticipated short term move to the downside before the big move to the upside.
*NB: Also note that the RSI (shown above the chart) has to reset on the hourly chart hence the anticipated short term move to the downside before the big move to the upside.
Note
There is a trade signal to buy. Should it goes past the 88.6% retracement then the trade if invalidated.
Note
There move to the upside has started playing out as analysed. It is slower than expected but that does not mean it will not go all the way ( such slow momentum is usually are there to accumulate more orders and flash out weak hands{retail traders who can not hold for long}.)Note
Another buying entry at 6:22am
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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.