Price expecting to go long and break the strong resistance level formed post brexit referendum. Technical analysis pointing towards long:
- Second wave of elliot wave complete looking for 3rd impulse wave.
-AB complete expecting the CD extension
- Divergence on both the stochastic and RSI indicators, indicating a strong buy signal
We also have a much higher swing low with price retracement through 0.5.
Take profit.
Take profit has been placed at a previous support level which i expect to be the next resistance area following the break above the current range. Also we see fib extension line up with this area very nicely and this is the same area that marks the equal extension of AB=CD.
- Second wave of elliot wave complete looking for 3rd impulse wave.
-AB complete expecting the CD extension
- Divergence on both the stochastic and RSI indicators, indicating a strong buy signal
We also have a much higher swing low with price retracement through 0.5.
Take profit.
Take profit has been placed at a previous support level which i expect to be the next resistance area following the break above the current range. Also we see fib extension line up with this area very nicely and this is the same area that marks the equal extension of AB=CD.