Ill be looking for shorts on this pair on the lower timeframes.
We should now be in an impulsive move up on the way to break the ATH. As we know nothing moves in a straight line, so Im expecting a smallish correction in and around the marked zone on the chart. Once the impulse that breaks the ATH completes Ill be expecting a larger correction and a potential short trade, but for now, longs only please.
Expecting to catch the corrective C wave up from the BUY zone to complete the correction.
Because the move up slightly invalidated our previous pattern, I have created scenario two, this lines up with the Coingeek announcements slightly better. Either way, we will drop from here. A drop below 275 - 285 is expected for this scenario, although I cant rule out a drop to around 250 under this pattern.
This chart shows what waves we still have left of the pattern. Please note levels are not set. its just to map out the expected waves.
Updated where I think we are in the wave count. Please note, the levels of the count wont be exact, its more just to map out the fractal wave counts to help us find out moves and open our trades. Im still looking to short from 328 and buy back in at 235.
Once the current corrective move is over, we should see a drop into our BUY zone. I will also be looking to catch the drop on a lower TF (see other post)
It looks like we are already moving up to complete the correction, I will be hoping to catch the impulsive C move down once we reach our entry. I will then update in future post when we are ready to catch the larger impulsive move up.
Set price entry below current price.
If the previous trade stops us out, this is the new trade to take into account the extended correction. Analysis hasnt changed.
GBPNZD looks to be completing the lower corrective move, lets see if it can reach our zone so we have the best value to short down to complete the larger running flat.
USDZAR is looking good to complete the running flat down to the higher weekly BUY zone.
Quick BSV update. Im still expecting the move up to break 328 before we drop to the 235 (maybe below) level. Nothing has changed just the current smaller corrective pattern. It actually looks a little clearer now. I am also doing video updates on Streamanity. but I need to check with the TV guys if I can post.
It looks like we are painting an extended C wave now due to the corrective nature of the smaller move. Expect a pop up to break the top of the A wave followed by our expected drop to complete the correction
We have been stuck in this correction since around the 15th Jan. We have managed to make take a few successful trades catching the corrective impulses since then. Although the pattern is slightly different then expected, it should still play out and we should see a drop below 235 to then start to look to load up to catch the larger impulse to break our ATH.
Looks like price is ready to drop, I have set a set a SELL STOP at the previous break level.