This is first analysys and Trading Plan Idea (TPI) for Monday.
Enjoy!
Rationale:
So far bullish price action continues but before new high I guess we will see another test of the wave (a) area to complete Irregular Flat correction. This is my main count at the moment.
Alternative count indicates a possibility of VERY bullish wave development: impulsive wave 3 in the making as a series of (i)(ii).
Nevertheless, on H4 TF there is another possible wave count that indicates all the upside movement is done for now and we need a correction.
So there are two count of possible downward wave progression before any new high and this is my intermediate bias. Long term bias is bullish.
Good level for entry is either:
short form the top in aticipation of wave (c) to the downside or buy on pullbacks into Fibo support or projections, TA support or Pivot support.Levels are on chart.
There are some Fibo Time Numbers ahead of Monday night that might provide some guiadiance but the important Fibo Time Cluster should start on Tuesday night. It might serve as time support for wave 2/(c).
Entry:
Buy Limit @ 1.2930
SL: 20 pips.
TP: min. 1.3000
Take care,
Seb
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