From our wave count, we are expecting wave 2 completion soon. We can see that we're in an ABC correction and on the final wave for wave C. In our last analysis, we were expecting a simple ABC correction where C completes at Wave A completion.
As can be see, wave C is over extended. We will remain bearish unless we break above the grey structure.
Trade Idea:
- Watch for bearish reversal pattern on lower timeframe (Trendline break, BOS)
- For confirmation, watch for a break of the red trendline
- Target: 10700, taper positions thereafter
Goodluck and as always, trade safe!
As can be see, wave C is over extended. We will remain bearish unless we break above the grey structure.
Trade Idea:
- Watch for bearish reversal pattern on lower timeframe (Trendline break, BOS)
- For confirmation, watch for a break of the red trendline
- Target: 10700, taper positions thereafter
Goodluck and as always, trade safe!
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