Hi all just some insight to the current situation on UJ clearly we are bullish but that does not mean price will shoot up we might get a possible touch of point C to form a AB=CD pattern which will make our bullish sentiment even greater , the other thing we must remember is price has just fell from a impulse move and is now correcting it is possible that price will continue in a upwards motion from that point and if you pull a fib from A to B you can see price has stopped on the 61.8 fib level indicating possible reversal at that level... NB it is also possible that price will impulse to the downside again towards point C and our supporting channel line ..
the main thing is to wait and see what price does as it is still correcting if price go down towards point C wait for bounce of the trendline channel support if price break upwards from correction enter a buy and adjust support channel support to pivot point
Good luck to all
the main thing is to wait and see what price does as it is still correcting if price go down towards point C wait for bounce of the trendline channel support if price break upwards from correction enter a buy and adjust support channel support to pivot point
Good luck to all
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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.