For my previous post and context have a look at my previous post below:
Short term we might see at least one more leg higher. This might provide a buy day trade opportunity,
However I think that in terms of the bigger picture there is more bearish price action to come which will provide another sell opportunity once this consolidation is over.
Short term we might see at least one more leg higher. This might provide a buy day trade opportunity,
However I think that in terms of the bigger picture there is more bearish price action to come which will provide another sell opportunity once this consolidation is over.
Komen:
I'm very precise in what I look for in a trade set-up and the previous correction did not unfold the way I like to trade them. Nevertheless we see another opportunity present itself and this is why I can wait for certain set-ups before I trade. There will be plenty of opportunity to trade the right set-ups.
Komen:
These are the two trade scenario's I'm looking for in terms of trading opportunities.
We either see a deeper correction towards the upper structure zone shown by means of the non-horizontal trend line. (this will also result in closing the gap). However the current move higher is corrective so in case of a deeper retrace we should see a corrective wave lower for a wave B first. This move lower will determine what's next because since the current 'bullish'/sideways' move is corrective a bearish break and continuation is also possible. Therefore I will wait to see how the next move lower will unfold, will it be an impulse or another corrective leg?
We either see a deeper correction towards the upper structure zone shown by means of the non-horizontal trend line. (this will also result in closing the gap). However the current move higher is corrective so in case of a deeper retrace we should see a corrective wave lower for a wave B first. This move lower will determine what's next because since the current 'bullish'/sideways' move is corrective a bearish break and continuation is also possible. Therefore I will wait to see how the next move lower will unfold, will it be an impulse or another corrective leg?
