My Quick Thoughts for Tuesday
- As you can see, we are still inside a bullish channel and currently watching the retest of its median line!
- If bulls can keep price near or above 1.0922 (I would tolerate bears until 1.0895) there is a chance this could eventually continue higher for a retest of 1.0963 area... Bulls need momentum to break above it to then reach 1.1010 area..
- However, if bulls fail to protect the mentioned median line, bears will probably target the lower edge of channel: 1.0840 area...
- Now, all that said, just by looking at wave structure, we could guess that we are currently dealing with a wave 4 of this bullish corrective movement and that wave 5 is still missing! Meaning we must beware of bulls.
Just my two cents.. I hope it helps
Be a seer, not a looker!
Ata's Trend Hunter V3.6 All Time Return:
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