Looking for price to come 3--5 points lower before going long.
Looking at timing of the retracement, we can take the previous high to low from the 30/01/15 to 16/04/15 and use the same time period for this current retracement (as seen on the graph represented by the red lines). I see another 10 days to 2 weeks before a bottom is in place.
For a target, measuring the previous swing lows to highs (measured by the pink lines, all of which are symmetrical in length) we can estimate the next leg up to the 89 level.
Adding confluence of the 1.272 fib extension and the 100% extension (Grey lines) I would be looking for a target area of 89-92.
Looking at timing of the retracement, we can take the previous high to low from the 30/01/15 to 16/04/15 and use the same time period for this current retracement (as seen on the graph represented by the red lines). I see another 10 days to 2 weeks before a bottom is in place.
For a target, measuring the previous swing lows to highs (measured by the pink lines, all of which are symmetrical in length) we can estimate the next leg up to the 89 level.
Adding confluence of the 1.272 fib extension and the 100% extension (Grey lines) I would be looking for a target area of 89-92.
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