USDZAR sitting at the .5 fib level (50% retracement level)
Ultimately, we might retrace to the .618 fib level (+-13)
Right now I believe a bounce might be expected due to the following reasons:
- Ending diagonal forming with bullish divergence
- If we are doing a 5 wave down structure (final 5 waves down to reach Y), we might be entering wave 4 (bounce)
- If we are in the uptrend, and we are ending wave 2, there is a hard limit at the previous low of 13,55
(Green = Alternative count)
Ultimately, we might retrace to the .618 fib level (+-13)
Right now I believe a bounce might be expected due to the following reasons:
- Ending diagonal forming with bullish divergence
- If we are doing a 5 wave down structure (final 5 waves down to reach Y), we might be entering wave 4 (bounce)
- If we are in the uptrend, and we are ending wave 2, there is a hard limit at the previous low of 13,55
(Green = Alternative count)
- With drop that happened afterwards, we can eliminate the posibility of being in the new uptrend.
- New target for retracement is the .618 to.65 fib levels. (Golden Pocket)
- Then I'll be looking to see 5 waves down and some divergence to go long.