The bearish count is still valid, especially since the WaveA high was breached. This indicates that it cannot be labeled Wave1. However, WaveC is taking its time to complete, and appears primed to form a new trend high. The final upmove should be tempered by the trendline and 78.6% fibo.
The 1h chart shows that the decline from 105.70 was in 3-waves, indicating the ongoing correction was not complete. Now an impulsive wave has formed, with Wave-v about to start. My plan is to short as Wave-v finishes.
There are 4 layers of resistance in the 105.85 zone:
- 105.89: Wave-v = Wave-i
- 105.84: Approximate trendline region in 4-8 hrs time
- 105.83: 78.6% fibo
- 105.79: Weekly M4 pivot point
Thus, I am shorting @ 105.83 with a stop just above. I don't want to risk too much on this trade.
No comments:
Post a Comment