WAIT FOR A CONFIRMATION BEFORE ENTRY, PRICE STILL IMPULSIVE.
As we can see price is forming a series of higher highs and higher lows, we are also respecting this ascending TL which is currently being tested as support along with the 78.6 fib level. If these two confluences holdout I am waiting for a confirmation to go long (e.g a candlestick that closes above the 50EMA, or a doji, etc). Would only be looking to target previous highs as price has not been above this level since FEB 2019 therefore it is likely sellers will take control there. Not the best risk/reward however highly probable set up if we get the right candlestick formation.
As we can see price is forming a series of higher highs and higher lows, we are also respecting this ascending TL which is currently being tested as support along with the 78.6 fib level. If these two confluences holdout I am waiting for a confirmation to go long (e.g a candlestick that closes above the 50EMA, or a doji, etc). Would only be looking to target previous highs as price has not been above this level since FEB 2019 therefore it is likely sellers will take control there. Not the best risk/reward however highly probable set up if we get the right candlestick formation.