EJ is at a good support level of 125 price handle from a higher time frame. On a daily chart, EW analysis is suggesting that an up move is cooking at the same level. This can also be read as ABC corrective wave of 5th wave of a higher degree in EW analysis.
The entry / stop & targets are hypothetical since I will enter the market on lower timeframe after there is little price action development on Monday.
If you don't have the plan to enter & exit this trade then do not trade it.
Support & ABC correction of the 5th wave of higher degree chart is in the comment section.
Cheers !
P.S. - If things go ugly & the price drop from current level then will invalidate the ABC corrective wave of the 5th wave of higher degree & it will start the 3rd wave of a new 1-2-3-4-5 move. In that scenario price can reach as low as 111.50 & 100.70 levels.
The entry / stop & targets are hypothetical since I will enter the market on lower timeframe after there is little price action development on Monday.
If you don't have the plan to enter & exit this trade then do not trade it.
Support & ABC correction of the 5th wave of higher degree chart is in the comment section.
Cheers !
P.S. - If things go ugly & the price drop from current level then will invalidate the ABC corrective wave of the 5th wave of higher degree & it will start the 3rd wave of a new 1-2-3-4-5 move. In that scenario price can reach as low as 111.50 & 100.70 levels.
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123.32 has good potential. Watch closely for the upturn from here. But get too early let the price action dictate where to get in. The upside is significant so couple of attempt can be justified, if you lose in first attempt.
