The last week the price was lock in a trading range between 1,20/1,2070 and in the afternoon of friday the price broke the high, when there is a very low liquidity. The wave is arrived near a big dinamic trend line and on 0,61% retreacement of leg born on 07 jan and this is a typical retreacement of Elliott 2Wave.
So I think this it, can be a potential false break out because there isn't a big volume increase and the momentum has a big divergence (on week time frame).
On basis this consideration I suppose there are possibilities about a new short leg (probably the Elliott 3W - see the red count)
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This is not a financial advise.
Trade safe always.
So I think this it, can be a potential false break out because there isn't a big volume increase and the momentum has a big divergence (on week time frame).
On basis this consideration I suppose there are possibilities about a new short leg (probably the Elliott 3W - see the red count)
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This is not a financial advise.
Trade safe always.
Note
the price is going down into grey box as expected and near daily support.
Note
Break of dinamic support as aspected .... if the price will go down, will start bearish wave
Trade closed: target reached
T1 take
the price will be go down yet
Note
we arrived on the support zone and there will be a potential final 5wave minor to complete the short moviment. Then coul be an ABC
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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.