A pattern that was not overly clear to begin with may now show possibilities. Already momentum is above the 14MA. I will not trade the B wave down but will wait to see if the possible path plays out in the hope that I can enter at a good BUY price in or around the supply zone low.
Comment:
WAVE A has gone slightly higher than first thought but today is showing a proper DOJI candlestick which increases the chance of a turn down for WAVE B. Some of you may be interested in watching in a lower time frame to look for a sign to SELL. I only trade on daily and so will be waiting to see if the possible path is correct and if it is, trade wave C.
Comment:
Fridays daily candle has produced a "hang-man" candlestick. This does increase the chances of price coming back down for the completion of wave B.
Comment:
Perhaps an obvious trade off of Fridays candlestick and many stops were hunted and taken out. There is some resistance above and todays move hardly registered on the indicator. Therefore, Perhaps the ABC is still on but I will have to be extra cautious just like any other JPY trade.