We are in the last wave of this up move, looking for 56.3 -56.5 as a termination zone.
We should, therefore, see a correction lower for wave B. (Be aware, the correction lower might be a complex one).
If you want you can short this from the potential top from 56.5 but I would suggest waiting for wave ((i)) to end, and short once wave ((ii)) starts to lose steam at least.
Also, as you can see there should be a Head & Shoulder pattern for those of you who trade it that way.
Wave (B) usually retraces 61.8% of wave (A), so that should be your target, but, depending on how the blue wave A plays out that target might vary.
That's why I recommend trading only blue wave C if you can't afford the risk.
We should, therefore, see a correction lower for wave B. (Be aware, the correction lower might be a complex one).
If you want you can short this from the potential top from 56.5 but I would suggest waiting for wave ((i)) to end, and short once wave ((ii)) starts to lose steam at least.
Also, as you can see there should be a Head & Shoulder pattern for those of you who trade it that way.
Wave (B) usually retraces 61.8% of wave (A), so that should be your target, but, depending on how the blue wave A plays out that target might vary.
That's why I recommend trading only blue wave C if you can't afford the risk.
Note
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Note
Look like 5 waves are in. Now we should get a correction lower towards 47-48 Note
We should be in the last moments of this wave ((c)) of a flat B of (B).The alternative is the larger wave (B) correction already ended and we are in wave 3 of wave (C) higher.
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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.