ok, so i want to explain why i think we had an impulsive wave down which might be the first wave of a next impulsive 5 waves as a correction.
earlier today we break a previous support even by a few pips but it got violated, it looks like the price action got 5 minor waves on a small scale.
it got corrected by the end of the day in 3 waves which looks like an ABC.
If the day high will not get broken we can assume that this might be the 2 wave correction as this retrace almost to the beginning of the start of the first one.
If somebody gets involved in a short position sl should be put a few pips above the day high and keep the tp open in order to wait for a possible third wave down.
If this is a wave 4 of a minor degree it can go down to 1.2070 level just want to share my personal view of the market as I've been studying a lot for the past years.
i hope it can be useful for you guys, good luck.
earlier today we break a previous support even by a few pips but it got violated, it looks like the price action got 5 minor waves on a small scale.
it got corrected by the end of the day in 3 waves which looks like an ABC.
If the day high will not get broken we can assume that this might be the 2 wave correction as this retrace almost to the beginning of the start of the first one.
If somebody gets involved in a short position sl should be put a few pips above the day high and keep the tp open in order to wait for a possible third wave down.
If this is a wave 4 of a minor degree it can go down to 1.2070 level just want to share my personal view of the market as I've been studying a lot for the past years.
i hope it can be useful for you guys, good luck.