A corrective pattern in progress after SKY price had been fallen all the year through.
Potential Bullish pole and Flag in the making, we has flag forming with possible abcde wave pattern.
Wave c of the flag equivalent to 78.6% fib retracement level of the previous upmove that formed the pole.
We should expect price to drop to this level and pick some bags at the BUY ZONE designated on the chart.
But if happen that breakout occur without the price been drop to wave c, we should wait for a re-test of the upper trendline of the flag to join the long.
Possible Entry and exit targets are clearly stated on the chart.
BLUE: POSSIBLE ENTRY ZONE
RED: Possible Support LEVEL
GREEN: SELL TARGETS
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Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.