The lack of motion with bars closing within a relatively narrow range says we are in a correction. The choppiness suggests we are in a wave b up within a larger correction. This is my primary scenario.
If the current upswing that is moving up to wave b fails to exceed the wave A' high then I would expect a move down to fibonacci support (horizontal line), completing wave B' of the larger time frame, expanded flat scenario. This sets up for a nice final wave C' up beginning on Monday.
This is a forecast for entertainment purposes only. How to actually trade this scenario, including what to do if it is wrong, requires trading skills not shown here.
If the current upswing that is moving up to wave b fails to exceed the wave A' high then I would expect a move down to fibonacci support (horizontal line), completing wave B' of the larger time frame, expanded flat scenario. This sets up for a nice final wave C' up beginning on Monday.
This is a forecast for entertainment purposes only. How to actually trade this scenario, including what to do if it is wrong, requires trading skills not shown here.
Comment:
Wave b appears complete and has met the objective of reaching the wave A' high.
Comment:
If price fails again, this is the scenario to get us to fib support. Otherwise, follow the bulls through the breakout.
If price fails again, this is the scenario to get us to fib support. Otherwise, follow the bulls through the breakout.
Trade closed: target reached:
Not the exact path I expected but we hit the target - and there were plenty of warnings before the turns. Good trading skills would have allowed you to make a profit on the false breakout this morning with plenty of time to get short.
