Entry @ break of second waves 0.618 retracement
Stops @ new low below first waves 0.618 retracement or below 0.500 retracement (multiple violation of strong supports) based on preference
Target @ first waves -0.272 level (third wave completion), or alternatively at previous high.
After 3 failed tests price broke out from range and in spite of returning a second clear breakout happened confirming the significant buying power. The previous resistance currently functions as strong support. Fibonacci confluences also adding up to the current support zones strenght, violation of that zone would invalidate the current plan.
In case of exhaustation a new range may estabilishes within the blue rectangle where the trade should be re-evaluted or closed with a moderate loss.
Contrsuctive comments are welcome
Stops @ new low below first waves 0.618 retracement or below 0.500 retracement (multiple violation of strong supports) based on preference
Target @ first waves -0.272 level (third wave completion), or alternatively at previous high.
After 3 failed tests price broke out from range and in spite of returning a second clear breakout happened confirming the significant buying power. The previous resistance currently functions as strong support. Fibonacci confluences also adding up to the current support zones strenght, violation of that zone would invalidate the current plan.
In case of exhaustation a new range may estabilishes within the blue rectangle where the trade should be re-evaluted or closed with a moderate loss.
Contrsuctive comments are welcome