Over all I am still bullish longer term for this instrument as per my earlier chart at
However, we are making normal retracement which might appear in monetary term rather deep and unwelcome by some. But in normal cycle upon completion of wave 3 it is normal for price to retrace to wave 4 of one cycle degree lower. So in this case it would be still possible for price to drop to 70-80 area and still be within the EW guideline. However, for now I am on cautious view feel 450-400 would suffice but likely 300-250 could be realistic.
So whilst still longer term bullish, it could offer possible short opportunity around 850 of better.
However, we are making normal retracement which might appear in monetary term rather deep and unwelcome by some. But in normal cycle upon completion of wave 3 it is normal for price to retrace to wave 4 of one cycle degree lower. So in this case it would be still possible for price to drop to 70-80 area and still be within the EW guideline. However, for now I am on cautious view feel 450-400 would suffice but likely 300-250 could be realistic.
So whilst still longer term bullish, it could offer possible short opportunity around 850 of better.
