Although wave 1 wasn't impulsive, we have had an 85.4% retracement which makes for a good RR ratio.
Break of the March low will invalidate.
The weekly MACD has crossed above the signal line for the first time since June 2018.
The 161.8% Fib lines up quite nicely with the upper boundary of the inside pitchfork, as well as the low of the June capitulation.
Resistance at the top of the weekly BB however which is below the target. Could take some profits there and look for a better entry.
See how it plays out.
Break of the March low will invalidate.
The weekly MACD has crossed above the signal line for the first time since June 2018.
The 161.8% Fib lines up quite nicely with the upper boundary of the inside pitchfork, as well as the low of the June capitulation.
Resistance at the top of the weekly BB however which is below the target. Could take some profits there and look for a better entry.
See how it plays out.