Market just finished 1-5 Elliot Wave pattern and we are supposed to get an ABC in the opposite side, we just broke bearish trendline and price started consolidating at 1,216 zone, which is 0,5 fib zone of the last (5) Elliot wave, that's why we are forcasting that this zone is A point of an ABC correction.
Entry: 0,976 ( 0,5 fib zone of an A correction wave, institutional candle zone) Invalidation: 0,835 (Recent low below buy zone) Target 1: 1,836 (Bottom of an institutional candle zone which is visible in 4h time frame, 0,5 zone of the whole bearish trend) Target 2: 2,377 ( Liquidity zone formed by a market while moving downwards) R/R Ratio To Target 1: 6 R/R Ratio To Target 2: 10
From mod @zAngus