Having pinpointed the low (see last weeks Elliott wave count) on the 0.618 extension, will give us important information for the extent of the unfolding sequence. A Cycle A wave seems to be in place and the first leg of B has gotten off to a fiery start. It has now bumped against two strong resistance levels, the 50 MA and the channel top. My personal opinion is that it will take them out in one go, the bid we saw in the market last week was real and powerful. I have added my new Cycles indicator to the daily chart which seems to have nicely caught the cycle lows. (It's free to use from my library).
More later.
More later.
Trade active:
Nothing to add yet. Once the current move corrects it will be possible to draw some projections.
