The termination of the Diagonal pattern
Let us first point out that the price is forming a Triangular pattern in the weekly chart. The price is currently in wave D of this pattern.
(Daily Chart)
In the daily chart, the first uptrend (wave A) has ended in the range of 111.68 and the price with the Diagonal pattern has completed the corrective phase of this uptrend in the range of 102.59. By crossing the price from the range of 105.67, the initial confirmation of the uptrend will be received, and now we need 5 waves pattern.
In the 240-minute chart and by monitoring the details, we see that 3 waves out of the first 5 waves are composed, and the price can extend the uptrend after a corrective movement that can be developed up to the range of 105.19 to 104.84.
The range of 104.39 is very important to us.
In the daily chart, the first uptrend (wave A) has ended in the range of 111.68 and the price with the Diagonal pattern has completed the corrective phase of this uptrend in the range of 102.59. By crossing the price from the range of 105.67, the initial confirmation of the uptrend will be received, and now we need 5 waves pattern.
In the 240-minute chart and by monitoring the details, we see that 3 waves out of the first 5 waves are composed, and the price can extend the uptrend after a corrective movement that can be developed up to the range of 105.19 to 104.84.
The range of 104.39 is very important to us.
