Guys, here's a larger TF look using trend lines, EW and Fib levels. The uptrend starting in Oct of last year started correcting in Jan of this year. After the 1-2-3 correction which went a little past 50%, a new wave pattern started that was bullish. It started retracing and the retracement went to the 61.8 level. This indicates a slower and more moderate trend. Next target based on these projection: 1.21697 for a 100% Wave 3 external retracement of a wave 2. Or more likely, 161.8%. Same indicators apply on the lower 4 hour chart. Down to the 1 hour chart, bearish divergence on the stochastics EMA. Possible move down to 1.21395. This would be a 38.2 % retracement. For scalpers......just open a short trade LOL.
1