On the above chart price action has corrected 30% since late September. A number of reasons now favour a long position, including:
1) Price action and RSI resistance breakouts.
2) Trend reversal. Higher highs higher lows.
3) Support on past resistance. (yellow arrows).
4) The bull flag confirmation forecasts an 80% impulsive move.
Is it possible price action corrects further? Sure.
Is it probable? No.
Ww
Type: trade
Risk: high
Timeframe to long: this week
Return: 80%