We are into a very complex type of consolidation pattern and no one will ever know what will be the next move. There is no regular patterns within this correctional period. The latest complex move (a-c on chart) was thought to the beginning of a 1-5 Elliott wave pattern, but it doesn't seem to be (So dismiss my previous analysis) However currently the price is resting on a relatively strong support zone (blue box on chart) and also on a trendline of a pennant like channel formation (cyan colored on chart). At this point we can only make a suggestion for the short term move. If one sees a good thrust up from this point, the price may go all the way to the upper trendline of this channel (pointe). So watch this move. Good trades
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Attempt to pierce the strong Support area today. Support combined with channel trendline + complete wave counts are usually strong combinations for trend change. I still favor the upside here. Wait for a strong thrust up as confirmation before long Entry.
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Very strong up-thrust. LONG ENTRY recommended
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Price holding on at indicated support level. Eventually it will turn to bull
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There is strength in this pair and when it launches it will be spectecular in the long direction. It is like a loaded spring. I don't see the Resistance violated any time soon. It is a waiting period for this pair before jumping in long.
