A few months ago I posted that I was looking for a triangle correction both shorter term and longer term. This wasn't confirmed back then but based on structure. Certain consolidation patterns tend to be a result of certain impulses. The fact that price seems to confirm that scenario at the moment makes me more confident that we are still on the right track.
I showed a major monthly zone in the chart. I use support resistance in my favor by means of high probability reversals for in this case a wave B consolidation which I expect to see.
I never trade based on support or resistance but IF we see the right signs by means of structure out of such a major zone we increase our probability.
So you can look for an intra day buy trade after divergence or you can wait for a consolidation and sell the C leg lower once the consolidation is over.
If price reverses out of this zone you are already in the buy if you are willing to keep the possible intra day buy open.
Updates will follow
I showed a major monthly zone in the chart. I use support resistance in my favor by means of high probability reversals for in this case a wave B consolidation which I expect to see.
I never trade based on support or resistance but IF we see the right signs by means of structure out of such a major zone we increase our probability.
So you can look for an intra day buy trade after divergence or you can wait for a consolidation and sell the C leg lower once the consolidation is over.
If price reverses out of this zone you are already in the buy if you are willing to keep the possible intra day buy open.
Updates will follow
