I have not made a bet in one way or another as the play is not clear to me.
We're at the 76.4 retrace of a big move up from 2002 to 2007. Since 2007, there's a pretty clear ABC correction. I am unclear if ABC correction is complete. The move up from Jan 2016 does not look to be impulsive at this point, it could be a 1-2, 1-2 move. That said, 76.4 retrace area has been an area of resistance. If it breaks through this then it could extend to 0.6447 which is the 1.236 extension of the A wave down.
This is setting up to be inline with metals / commodities I'm looking at which are at a decision making point. Downward movement could coincide with metals moving down too and a reversal would be the same.
We're at the 76.4 retrace of a big move up from 2002 to 2007. Since 2007, there's a pretty clear ABC correction. I am unclear if ABC correction is complete. The move up from Jan 2016 does not look to be impulsive at this point, it could be a 1-2, 1-2 move. That said, 76.4 retrace area has been an area of resistance. If it breaks through this then it could extend to 0.6447 which is the 1.236 extension of the A wave down.
This is setting up to be inline with metals / commodities I'm looking at which are at a decision making point. Downward movement could coincide with metals moving down too and a reversal would be the same.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.