Very small moves on the daily chart but momentum is negative and the most recent move up today has shown divergence. It therefore looks possible that the last supply zone low will be tested (probably tomorrow). My personal strategy is not to enter a trade on the wave 5, but to wait, on this occasion for the long trade C wave or indeed wave 3. If you trade the smaller time frame charts then I think there is a decent chance to watch for a move down from here that suits your strategy.
Comment:
Very good divergence on the momentum indicator and momentum has now moved positive despite price coming down. I think I will wait to see if price drops into the zone before next course of action. I would also like to see the 5EMA and 11SMA a bit closer together or crossing before a BUY trade.
Comment:
Price has dropped right to the bottom of the zone. The divergence is no longer as good which proves you should not trade on that alone. Other factors should come into play. I would like to see the 5EMA and 11SMA start to come together which could happen if the market ranges or consolidates around the zone area. So the possible path is still viable.