It seems that this pair has just completed wave X and is now on a wave Y downwards to a 0.382 fibonacci/retracement, IF the price actions breaks structure. If the price action does not break structure, then the structure of the wave count will be changed and I will re-analyse it again for the next entry.
SMA seems to indicate the start of a retracement as well as MACD. However strong uptrend is visible on the weekly and Monthly therefore I'm confident a breakout of the structure would not be a trend reversal, but just a retracement about to take place at this point in time.
It also seems once wave Y has completed, there is a high probability (according to my analysis, that we will continue an uptrend, possibly an impulse, to go LONG.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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SMA seems to indicate the start of a retracement as well as MACD. However strong uptrend is visible on the weekly and Monthly therefore I'm confident a breakout of the structure would not be a trend reversal, but just a retracement about to take place at this point in time.
It also seems once wave Y has completed, there is a high probability (according to my analysis, that we will continue an uptrend, possibly an impulse, to go LONG.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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