Wave Analysis
During the past trading day, the corrective three wave cycle rallied to the upperside but is still within the expanding wedge formation. We expect the impulsive wave (c) to continue to the upperside and should rebound from the upper trendline. While the price is still within the expanding channel formation, we expect a possible momentum to the lowerside in the long run. You could wait for a possible end of the impulsive wave (c) from the upper trendline to pick a long term short position.
Trade Recommendation
still long towards the upper trendline
Origin: FreshForex
