ABC on the Daily? About to break down

17 Jan 2017

This looks like a possible ABC on the Daily Chart
The "B" corrective structure has been broken and we are now in the C wave
To trade this you will need to wait for a break out of the 1H correction and then use your trading strategy for entry and stops. After the break out look for a low degree correction similar to the one circled

If this is an ABC I expect the downward trend to reach 1.27 fib of wave A which also happens to be equal in length to A

Remember this is just a forecast and a lot may change - I'll keep you updated as this develops

Hope this helps
Steve

17 Jan 2017

Nota

Price is currently breaking down - give it a bit of time to confirm it is not going to reverse - a low degree correction would be nice - then it will be good to sell

18 Jan 2017

Nota

The breakout has not occurred yet so no one should be in a sell yet - the structure still looks corrective so we'll wait for it to complete - then we may get out sell set up i.e the breakout of this lower degree correction. There are a lot of people calling this long but it is to early to tell - keep your powder dry for now