As per my EW count, we are beginning W-5 that should take us at least to the 1.87 - 1.90 region.
We are currently undergoing W-2 correction, that has a confluence to finish in the 1.845 to 1.85 range. 3 confluence factors:
I´ll be waiting for reaction to this area, and completion of 3 minor waves down from 1.865 in order to enter a LONG trade to 1.87.
We are currently undergoing W-2 correction, that has a confluence to finish in the 1.845 to 1.85 range. 3 confluence factors:
- 50% - 61.8% retracement from W1
- 123% - 161% extension for smaller degree W-a to W-b
- Support in the 1.85 level
I´ll be waiting for reaction to this area, and completion of 3 minor waves down from 1.865 in order to enter a LONG trade to 1.87.
Trade attivo:
And... a few minutes later, there´s the rebound
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We have RSI divergence on M15 timeframe, which is also an indication that the corrective move is near its end.