Update: Looked like a triangle, is a complex correction
This is an update for my previous idea.
I took a short near .8800, which I have now covered.
The move down from .8830 proved to be corrective and now I suspect
we are in wave (c) of (y) and should trade higher towards .8860-.8900
before turning lower and making new lows for wave 5
A break below .8685 (wave x low) is need to confirm that a top is in place.
A break above .8960 (wave (c) of (y) = 1.618 * wave (a) of (y)) would
make me re-consider this count.
Good luck!
I took a short near .8800, which I have now covered.
The move down from .8830 proved to be corrective and now I suspect
we are in wave (c) of (y) and should trade higher towards .8860-.8900
before turning lower and making new lows for wave 5
A break below .8685 (wave x low) is need to confirm that a top is in place.
A break above .8960 (wave (c) of (y) = 1.618 * wave (a) of (y)) would
make me re-consider this count.
Good luck!
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Related publications
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.