In my view the correction of the previous impulse is not deep enough yet. It looks like an ABC (could be a flat but a zig zag is also possible) The blue line is 38.2 fib retracement If it breaks down we must wait for a correction before shorting. Let's see how it develops
Not investment advice - ideas for learning and discussion
Steve
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Could be going for a 5 wave correction before going short - no buy set up yet
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antoniodepinho90
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Do you think it can break lower than that C level?
SteveNixon
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@antoniodepinho90, Not unless the structure changes and we'll have plenty of time to see that coming. It may not even go down from here I'm just floating the idea so traders are mindful that it could happen.
SteveNixon
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@SteveNixon, Sorry I was looking at AUDNZD when I answered your question. It's highly likely to down but as the wave down develops we'll get a better idea of how far it is likely to go.