Recovery to 16400 is no reversal yet

23. Dez. 2017

the last leg down up was recovered by 62%. a typical 3 wave move (wave B of ABC) would bring us back to around 62% of the full downward movement or around the area of minor wave 4 of A. That would lead us to a recovery target of 16400, which coincides with the hourly SMA 200. to trade this setup, look for signs of reversal after a possible already running wave b of B and place a trailing stop loss below your entry to see if it rides up or reverses again at the target level. Alternatively, place a limit order around 8000 USD and hope for a wave C down to catch it.