The plan is to look for exhaustion by looking at the MACD on the daily, it is suggesting just that however if it breaks downside is limited.
Currently I want to look for buy setups around the 50 / 61.8 fibs. 50 is possible but i believe 61.80 / the lower yellow TL is a dream scenario. In order for this corrective structure to be invalidated we have to break the TRUMP low.
* Another scenario is that this is not the 2nd wave but the 4th wave corrective structure.
We can therefore look at the MAX support being at the green line i highlighted.
But in both possible scenarios 3rd wave / 5th wave is imminent. We can also get a truncated 5th creating a double top.
Finally, RIGHT now we are still in the A wave of this "final zig-zag". 5-3-5. So look to see if the b-wave forms a 3 wave structure. We just have to observe for now.
Currently I want to look for buy setups around the 50 / 61.8 fibs. 50 is possible but i believe 61.80 / the lower yellow TL is a dream scenario. In order for this corrective structure to be invalidated we have to break the TRUMP low.
* Another scenario is that this is not the 2nd wave but the 4th wave corrective structure.
We can therefore look at the MAX support being at the green line i highlighted.
But in both possible scenarios 3rd wave / 5th wave is imminent. We can also get a truncated 5th creating a double top.
Finally, RIGHT now we are still in the A wave of this "final zig-zag". 5-3-5. So look to see if the b-wave forms a 3 wave structure. We just have to observe for now.
Note
Zoomed in 1h. Looking for a possible flat / expanded flat setup. 3-3-5. Can't tell as of yet. Note
Wrong picture, this one is right. 4th wave should at MAX hit the bottom of wave 1. Note
From a fundamental standpoint, UJ is clearly following the developments of trumps healthcare bill. I quote some republican dude: "REP. BRADY: 95% AGREEMENT ON HEALTH BILL AS OF THIS MORNING"
M15 UJ: 40 pip spike.
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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.