Elliott waves analysis – Wait for a correction towards 1.1928


Wave Analysis

The previous day’s candle was a perfect indecision candle around a short term support level 1.18570. As long as the price does not clearly breaks below this level, we expect a possible pullback to the upper side with our target at 1.19378, the anticipated bullish price rally is the correction of the impulsive wave (c) and should not go beyond the resistance level 1.19328 where we’ll be looking to resell the impulsive wave (c) with an ultimate target at 1.16990. If this target is broken, then the price will likely continue downwards with the next target at 1.15.

Trade Recommendation:

Wait for a correction towards 1.1928

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