The five-wave rally from 119.25 in wave (i) favors the idea wave 2 ended at 119.25, and wave 3 is underway.
It also set the stage for a three-wave correction, which is unfolding as a double zigzag pattern.
I anticipate that wave (ii) will find support circa at 119.560 area, comprising the 78.6 Fibonacci retracement of the advance from 119.25, a key support level, and retest of the weekly descending trendline.
The invalidation level has been indicated on the chart, and the breach of the green line will confirm the pullback has bottomed, and that may trigger upside acceleration for wave (iii) of 3.
Kindly let me know your thoughts in the comment.
Thanks for reading!
Veejahbee
It also set the stage for a three-wave correction, which is unfolding as a double zigzag pattern.
I anticipate that wave (ii) will find support circa at 119.560 area, comprising the 78.6 Fibonacci retracement of the advance from 119.25, a key support level, and retest of the weekly descending trendline.
The invalidation level has been indicated on the chart, and the breach of the green line will confirm the pullback has bottomed, and that may trigger upside acceleration for wave (iii) of 3.
Kindly let me know your thoughts in the comment.
Thanks for reading!
Veejahbee