Moves to the Upside look impulsive, Retracements look corrective. We have now broken out of the triangle by breaking Trendline that connects the top of impulse wave Cycle A and Primary 1. I'm considering that we are now in Intermediate wave 3 of Primary wave 3 and expect good upside progress. We had a good push down last month into Value area created August-November last year and have reversed nicely, at this stage it looks like we could end up with a nice March April Railway Track or April Bullish Engulfing Candle. May is a weak month Seasonally, that said if we do not take out the April Low i will remain optimistic of higher prices.
Kommentar:
Getting a deeper retracement, but generally the idea is still intact and will remain so if prices remain above 1.0666