i wanna share some thoughts about the next trade , as i shown in the previous chart , i m expecting a possible bounce of support at possibliy 8410-20 ,, i m seeing a strong down momentum at the momment , i have been doing some studies regarding the upper target for the fifth wave up before the correction ends , i have been looking at the trend pattern from the 10th to the 13th of Mai ,, its very possible that the trend might follow the same price action happened back there .
a long consoildation in the form of a bullish flag that breaks up but fails to make new highs then the next move down starts ,,
i m more in to this scenario for one reason , when i look to the dollar index chart i see a break up coming soon after the pattern thathas been forming there for few days now.
i m seeing the 5th wave if it emerges ending at the daily 20 Moving average at 8562 which will move down tomorrow to around 8540 , i dont ever wanna trade a break up from this resistance so if i m gonna get into this trade to close it around that level then its more wise to wait for it to go there and short as the price aint so far from that level , specially when we have the NFUP coming out tomorrow
and if we mannage to make a half position short above 85 , i think its a very good long term profitable position ,anyways ,,, stay alerted to the blog
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