PA has pulled back to the 61.8% Fib level and have moved down to lows of 122.982. Expecting price to continue down to finish this correction and find demand at 120.713/120.203.
A decent pull back on the lower TF would cause for me to enter.
Watch and Wait
With last weeks Friday close with a strong Bullish Trend Bar, are we to expect a further move up? Potentially. in saying this we may be forming a Bearish HARMONIC, - either a Gartley or Bat formation - this pattern could prove to test supply zones @ 0.73853/0.73285 before a move down. This could also be a viable ABC Correction if the pattern plays out. Pull backs...
Here i see an inverted H&S pattern with a impulsive 5 wave Elliott wave completing the head, and an ABC correction starting the right shoulder. I Believe this ABC will once completed, cause a wave 1 completing the right shoulder, wave 2 will be short lived with completion of the H&S pattern which will then be the wave 3 of the next 5 wave impulsive Elliott Pattern.