Following our previous forecasted up-move, from now on we will switch to looking for sell setups only. We would normally expect the C wave of the corrective pattern retrace all the way to the 0.618 fib of the downward impulse, as the A wave had already retraced to the 0.382. But that isn't necessarily always the case. As long as the C retracement has broken the top of the A retracement, the pattern formally speaking can be complete. We will not be looking for further buys, therefore, from now on. Even if it does continue to the 0.618, we will skip the eventual buy and focus on the sells. At the same time, because the eventuality of more up exists, we will wait for a proper sell setup before we enter any short position. Updates will follow.
Trade active
Based on the last few days, there is a trade upside (long) that is in fact worth taking. The actual buy setup isn't clear yet, but the target is in the 72.38 area. So today or Monday (most likely today) we will have the upside first and the buy is good enough to take it (provided you know where to enter and where to put your stop loss to optimise your R), then next week we will have the sell.
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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.