MichaelMesfin

MichaelMesfin

Looking for the last leg of the appears to be a corrective pattern since the low at 1.35012. Looking for Price to find support at the 61.8% retracement fib level of the move up in W. Look to enter long on a bullish bar/candle signal in the highlighted time and price fib zone. First profit target at 1.36743 and second target at 1.37414.

MichaelMesfin

Price appears to be correcting in a wave iv. Heavy fib resistance zone between .92566-.92910. Wave ii correction was relatively deep. so I expect this one to be more shallow with lots of consolidation. Probably will false breakout of the upper channel formed by projecting trend line from wave i to wave iii from wave ii. Wait for price to enter reversal zone and...

MichaelMesfin

Market appears to have completed Wave of a higher degree Wave 3. Now it is working through Wave of a higher degree Wave 3. It appears to be approaching ideal retracement level with a zigzag W-X-Y pattern on decreasing volatility as reflected by the ATR. Channel resistance at 1.6574 on trend line extending from beginning of Wave 1 (higher degree wave (2)) to...