I haven't posted an update in a while. Here's a quick teaser of my review of the wave count. Please check back tomorrow for full commentary on my website. For now, the text on the chart outlines my current thinking. Buy the dip once it dips more, essentially.
Hey traders! Looks as though wave-((b)) of the correction has complete and a potential five wave bearish impulse may finalize wave-((c)). It is important to consider, however, that there are in fact multiple alternative wave counts with this type of potentially complex correction. If price powers through the bottom of the pinbar candle, this will be an adequate...
We have a good trade setup once the support level will kick in.
After hitting this major level we will see a re-test of the level before further movement downward. Wait for a flag.
GOLD: 1163 will be the Resistance for WAVE3-5, AND it's quite important a resistance. Will impulse up to 1177 once it got broken. Support levels are 1150 and 1144 as marked. So, wait and see. Cheers. Jason
NZD/USD might go up next wave another scenario Target will be 0.7270 stop will be .6830
Same with cad/jpy, will make a new WAVE if rejection on Trendline, and RSI still Below on 50... Short still Confirmed for this pair I think...
I think CAD/JPY will make another wave on Trendline, if make a rejection on this area and VALID make a New WAVE.. Confirm for SHORT
Your comments are appreciated
After AUDUSD broke the trendline I am waiting for the price to calm down and form a flag and retrace to the fib level 32.8 or 50.0 to short. Target will be retesting previous low.
The pair is trading a wedge-like formation and its range is narrowing which could signify a possible sharp move down to correct the prolonged move up. In case the pair break up the wedge wait for a small corrective pattern and then take action.
The pair has room to move to the downside but it will come up in the near future. Watch the box as a reversal zone