Price bouncing at 140.3 area was the end of the 5th wave of the down move on the daily.
We are currently in the correction phase, where A has posted, and now we're in the middle of the B wave down.
Within the B wave, the first wave down and second wave up has posted as well. We're looking for the 3rd and final wave down to clean up wave B, and start the major C wave back up.
I posted the FIB to reflect the 3rd wave down in the corrective B phase. 23.6% is what we're looking for to complete the 5 wave sequence, and to also retouch the bottom channel of the falling wedge.
If you notice, we had a fake break out of the wedge, so we need a retest here. It coincides with some other trendines, so we have confluence as well.
I'm long-term bullish on this pair, and expecting a break upward out of the falling wedge.
We are currently in the correction phase, where A has posted, and now we're in the middle of the B wave down.
Within the B wave, the first wave down and second wave up has posted as well. We're looking for the 3rd and final wave down to clean up wave B, and start the major C wave back up.
I posted the FIB to reflect the 3rd wave down in the corrective B phase. 23.6% is what we're looking for to complete the 5 wave sequence, and to also retouch the bottom channel of the falling wedge.
If you notice, we had a fake break out of the wedge, so we need a retest here. It coincides with some other trendines, so we have confluence as well.
I'm long-term bullish on this pair, and expecting a break upward out of the falling wedge.
www.tradingview.com/chart/W1nE3FE4/