The correction in the form of a zigzag, which is part of wave X, continues to develop. As anticipated, the price attempted a decline, but it wasn’t as deep as expected. Nevertheless, this movement served its purpose.
It’s likely that this marked the completion of the formation of wave B of X. Now we can see the price making attempts to start rising again. This time, the upward movement is expected to take the form of an impulse, as it’s driven by the development of wave C of X.
Based on this, a fairly good entry point for buy trades has formed. However, you shouldn’t expect a prolonged movement — positions should be closed at the first impulsive surge.
Investment idea: BUY 1.1730, SL 1.1700, TP 1.1800.
Origin: FreshForex
