We first looked at this market back in January when a new higher high was formed and shorted down to the 0.50 Fibonacci zone which was also on a monthly support. The market continued to fall to the 0.61 Fib Zone, before finding support and rallying to make a new high.
We are now waiting for the market to continue to fall back to the new 0.61 Fib Zone, which is also on a Weekly trend line and a daily support level.
We expect this to take a few more weeks before we can enter this position but it is on our radar and we are looking for bullish daily candle formations in or around our target yellow area for us to enter long up to around 124.151.
We are now waiting for the market to continue to fall back to the new 0.61 Fib Zone, which is also on a Weekly trend line and a daily support level.
We expect this to take a few more weeks before we can enter this position but it is on our radar and we are looking for bullish daily candle formations in or around our target yellow area for us to enter long up to around 124.151.