Price action suggests market is trying to put a floor in here, albeit there is still more to come in time to get that momentum study nested as an acceptable low in the 4hr chart.
However, in the interim, the hourly nest is in, or trying hard, and the spike down suggests wave iii of this move is over or coming soon.
As discussed Friday, a wave iv to 1.3572 or higher (38.2% retracement of wave iii) would keep the 'Head & Shoulders' pattern building, even if ultimately it fails to provide the drop, in favour of a new high instead.
For now, that diagonal I was tracking downhill Friday, looks to have become an expanding diagonal. With 5 waves inside, if that low now holds after a retracement, we should be on our way and Friday's high would be a suitable initial target me thinks.
No comments:
Post a Comment