We've had the predicted correction (see linked chart below) and I'm now looking for a long trade set up. MACD divergence isn't huge at the moment so we may see some more down side to this but watch it with a long bias.
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Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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Price has pushed further down and bounced back up - now we start looking for confirmation that price has turned.
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We've had the correction indicated in the snapshot above now I'm looking for a long breakout. I've added a few more ideas to this update because it is possible that we see a deeper pullback to the 61.8 Fib area. Nothing definite, I mention it so we can be aware of that possibility when price reaches the channel top. If we're aware of the possibilities then we can't be surprised by price action.
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Folks this has gone down to the 61,8 fib without the 2 waves I expected. None the less there has been no trade set ups so no harm done. At this level I'm even more interested in a long trade. If I see a trade set up I'll update my followers