End of correction?

21. Jan. 2018

If this indeed this is a correction the break of it would lead to the 3rd leg up since the reversal at the 1.46375 zone, so I wouldn't expect this to go too high. Hence I'm targeting the 1.80000 zone where price, back in 2015, retraced and lead to the 2016 down trend. This 1.80000 zone is also the 3 year high, if we exclude the candle that shot up to the 1.90000 zone only for it to close below the 1.80000 zone before that day ended, forming a large pinbar. Back to the issue of the corrections, it's common knowledge that strong corrections usually form around the 0.382 Fib level, and if we use the low and high of the previous leg (2nd leg), price seems to be retracing in that area. Before I enter a buy there are some conditions I'm looking for, which are;

• A daily candle close above the 1.70000 level.
  
• A cross of the MA's with the lower MA above the higher.
  
• The -DI to drop below the 20 level in the DMI and for the ADX to rise above the 20 level
  

Provided these conditions are met I will enter till 1.80000!

3. Feb. 2018

Anmerkung

Enter when market opens, might have a pull back and Monday might close as a bearish candle so Stop loss should go at the bottom of the correction below the 0.382 fib level.