A break below 170.90 would be very bearish
On the 11th of June, this market completed a wave B triangle
and made 5 swings in the upwards direction. This advance
to 175.40 may have concluded wave .
One might feel it's too short, but when wave B is a triangle,
it's not uncommon that wave C will be short.
A recent example is this gold chart:
We need a break below 170.90 (where wave B triangle
was completed) to confirm that this rally was wave C.
If we get a corrective decline that ends above 170.90,
it could be that we are in wave 2 of wave C,
and in that case, we should see a move higher towards
178.40 and 180.70.
For now, I'm standing a side.
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Good luck!
and made 5 swings in the upwards direction. This advance
to 175.40 may have concluded wave .
One might feel it's too short, but when wave B is a triangle,
it's not uncommon that wave C will be short.
A recent example is this gold chart:
We need a break below 170.90 (where wave B triangle
was completed) to confirm that this rally was wave C.
If we get a corrective decline that ends above 170.90,
it could be that we are in wave 2 of wave C,
and in that case, we should see a move higher towards
178.40 and 180.70.
For now, I'm standing a side.
Disclaimer: www.traderwgun.com/?page_id=26...
Twitter: twitter.com/atliveanner
Tradingview: www.tradingview.com/u/traderWgun/
MyfxBook: www.myfxbook.com/mem.../tlkemmy/demo/854232
Mail: traderwgun1@gmail.com
Good luck!
