I assume we are in the 4rth wave. We had bigger retracement from 7500 to 6500 (wave II) and we expect wave 4 to be at least the same length. Another typical retracement level for wave IV is 38% of wave III. We hit a nice confluence there - also it is quite nice resistance zone with previous high. 8400-8500 is the target where we can reload for some longs to get the last 5th wave (hopefully of a bigger 1 :) )
current R:R for short isn't that great. So far we did retrace 38% of last swing up. There is a support over 9k so maybe if we hit it again we can break it or maybe we will reach higher before retracing more.
current R:R for short isn't that great. So far we did retrace 38% of last swing up. There is a support over 9k so maybe if we hit it again we can break it or maybe we will reach higher before retracing more.
