On the weekly chart we can see that the green demand zone is very strong so it looks like it doesn't want to go much deeper. It can be that the wave 4 sequence is finished with a WXYXZ formation, but i have doubts. Indicators show that it may need more time to finish the sequence. Currently we have a strong impulse which could finish around 1830 and we should have an ABC correction. Then we can go long and see what happens.
Trade closed: target reached:
It was a bit more complex correction (WXY), turned up from 1610 instead of 1670, but otherwise it reached the target zone nicely :)
