prevailing scenario
wave (ii) maybe over in abc subminuette correction
monitor prices evolution in an impulsive mode
ALT: continuation of wave (ii) either in a simple or complex correction
critical price area
previus daily close 1.2077
PP/FIB 1.2080 PP / 1.2131-1.2153 (fib 0.618 – 0,786)
static S/R 1.2106 key – 1.2153 critical
volatility D 1.2058-1.2156
As per the educational post posted recently, we have now a corrective break as price failed to break the key level. As a result, price created a complex correction. We are now looking for the correction to break and get in on the next big impulse!
See linked chart for the education post regarding impulsive and corrective breaks.
Goodluck and Trade Safe!
I was reading over the weekend and really trying to understand how to identify inner waves of the larger Wave to get a better idea of structure inside of waves. Another area of learning for me was the correction waves, going over simple and complex and that brings me to this example here. As we are coming off a large 5- Wave completion, we got a ABC correction...
Bearish trend movement for the past few days after price rejection at 50% Fibo lines. Range movement occured at top trend line creating new resistance line. "Higher highs trend" seems to have ended causing price to fall to the bottom trendline. Im expecting a BOUNCE or RETRACE before breakout below.
:)
Not sure how much price is going to drop before the impulse up
Expecting price action to drop to at least 23.6% fib
if it does I want price action to break minor support turned resistance level to indicate possible move to 1.272 extension.
Stops below critical zone
The price action on this index indicates that the buyers ares till present in the market, keeping price levetating within a small corrective channel above 17850. I am expecting another impulsive move towards the even handle around 18000. If buyers are able to push beyond that, 18150 would be up next.
Within a steady uptrend, price initially struggled to break above the 38.5 level. However, the immense bullish pressure resulted in a breakout to the upside and a brief intraday pullback shortly after. Price preceded to create a new high and has pulled back to that same role reversal level (now support). It has formed a notable reaction hinting at potential...
Strong bearish trend.
Prices are holding around 159.800 (Red zone).
Great for a quick 2.7R:R.
Could be a role reversal level but seeing there is a strong impulsive bearish move on the 3/22 5:00 UTC, the following moves are very likely corrective moves.
Allow a few extra pips for some breathing space given that this pair is extremely volatile.
Looking to enter...
