at the chart we have a rising wedge with minor waves and a rising wedge inside the minor wedge with minute waves. break of the red line with the minute waves can lead the price to test the green line with the minor waves. where a break of the minor wedge can lead the price back to between 12.400 and 12.540, where 12.400 is 0.5 on fibonacci levels and 12.540 is 0.618 on fibonacci levels, drawn from ((0)) - ((v)). While a test of the 13.200 level is eminent, and could go up and test the level, which is also 1.13 on fibonacci levels. this will also extend the minor and minute wave.
a break of the minute wave wedge , is possible where the price will have a harder time to break the minor wedge ( the green wedge )
A short trade can be taken now, where the SL will be just above the last high at 13.045,80. where TP will be around the intermediate wave 2.
Take in mind that the price is very bullish on the short term, but we actually also see some weakness in the momentum for the upside. a correction of the short term bullish run will happen, before further gains.
More updates will come..
a break of the minute wave wedge , is possible where the price will have a harder time to break the minor wedge ( the green wedge )
A short trade can be taken now, where the SL will be just above the last high at 13.045,80. where TP will be around the intermediate wave 2.
Take in mind that the price is very bullish on the short term, but we actually also see some weakness in the momentum for the upside. a correction of the short term bullish run will happen, before further gains.
More updates will come..