Below 40.43 we are looking to the downside to complete an expanded flat correction wave ((ii)).
Possible target into 30 usd price zone.
Possible target into 30 usd price zone.
Note
Price action still favor a move to the downside aiming for 0.764 fib retracement.
Below 35.85 we allow to unfold wave v of (c) of ((ii)).
Also oscillators starts diverging and signal a possible shift to the upside soon.
Note
Watching for evidences wave ((ii)) ended 30.12 right into 0.764 fib retracement.
Note
This is what we want to see from an wave 2, big retracement. Usually wave 2 is devastating creating panic and mistrust.
We are looking for good risk reward entries always and the best are wave 2 pullbacks. We do not encourage entries when price is increasing or to chase the price movements. We are talking only about probabilities. Nobody knows exactly what the price will do!!! At this moment is more logical and more probable to happen this scenario!! Good luck! and hope I clarified some of your questions.
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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.