Price tested the support line at 1.13372 before and then the market pushed up. It then held the resistant line at 1.15614 and then the market pushed down. Minimal convergence/divergence at 1.13915 (0.618) but then price broke through and continued a downtrend. We are looking for a long order to complete wave 3!
- Wait for confirmation candle to indicate where the market may go
- Elliot Wave Analysis - wave 1 has been completed. Wave 2 to retest support line and push off into an uptrend. If price retraces and holds at .618; then this will be a continuation of a downtrend. Therefore look for a short order. Wait for confirmation candle to be sure.
- Harmonic Pattern - formed a pattern which pushed the market down before going to an uptrend.
Conclusion - wait for price to test the support line before entering a long order in the market!
All the best!