Today's Support and Resistance Levels:
Support Resistance
1: 97.39 1: 98.19
2: 97.02 2: 98.69
3: 95.65 3: 99.09
Technical Overview:
The ongoing blue wave iv has for now remained below the resistance at 98.30. It is a little to early to say that blue wave iv is done with, but we should expect this blue wave iv being a shallow correction and should take the shape of a flat correction or a triangle, the reason for this is, that blue wave ii corrected 61.8% of blue wave i and Elliott Alternations principle tells us, that a sharp simple correction as wave ii should be followed by a shallow but more complex correction in wave iv. Once blue wave iv is over we should see a decline towards the ideal target near 94.58 in blue wave v.
Trading Recommendation:
You should be short from 99.55 with stop at break-even and take profit at 95.85. If you are not short already you should short a test into the 98.23 - 98.30 area with the same stop and take profit levels.
No comments:
Post a Comment