In my last analysis I was looking at 0.38 to be the bottom off that reaction move down, but a week later resulted in another large move down, changing a reaction into a correction and invalidating my analysis.
I am begining to see a wave formation where we are at the end of Wave 2 which I have plotted here with supporting structure.
Interestingly enough, the channel I had plotted for the first two weeks of June has provided support and resistance several times since. Even the mid point of this channel appears to be useful still.
Together the wave structure with the 4H Bullish Divergence and the historically strong support here, there is a pretty strong probability that we will see a bottom here. It could, as before, go sideways a week or more, then break down. Such an action would be very bearish and point to a potential re-test of 0.28 then 0.24.
For the record, I am holding positions from 0.28, 0.31, 0.36 and 0.39 which means I do have a fair amount of bullish bias.
I am begining to see a wave formation where we are at the end of Wave 2 which I have plotted here with supporting structure.
Interestingly enough, the channel I had plotted for the first two weeks of June has provided support and resistance several times since. Even the mid point of this channel appears to be useful still.
Together the wave structure with the 4H Bullish Divergence and the historically strong support here, there is a pretty strong probability that we will see a bottom here. It could, as before, go sideways a week or more, then break down. Such an action would be very bearish and point to a potential re-test of 0.28 then 0.24.
For the record, I am holding positions from 0.28, 0.31, 0.36 and 0.39 which means I do have a fair amount of bullish bias.
