Possible scenarios near term

8 thg 3, 2016

Possible scenario near term. A move towards .7640 is possible which will complete an alternate AB=CD pattern (CD=1.618AB). There will be a bit of consolidation from yesterdays top to .7340-.7300 area and could extend toward.7250 area which is the 0.618 retracement of the recent up move. Price is expected to shoot up from that level towards 0.76. Below .7250 the outlook will turn bearish.

I am new here and appreciate any positive feedback. Thanks

*DISCLAIMER* I am not providing any trade signals here. This is just my assessment of the current scenarios, Thanks*