On the daily time frame we have a possible 5-Elliot wave formation, with the 5th impulse on a 1.217 extension. Price is currently sitting around the monthly and weekly resistance level
(1.200). We can possibly trade the correction wave to the downside on PA confirmation. We have multiple possible trade setups for different strategies and styles of trading. We have our weekly trade and possibly a trade setup that will run between two to four weeks. This is only a trade “IDEA” our trades will be only executed on price action confirmation. If price does break and close above 1.200 and hits our stop loss we can possible see price extend to the 1.618 extension
(1.2300); we will also seek further shorts from this level on PA confirmation.