Quoting xxDavidxSxxDisliked
I will short on another rally if the price doesn't fall past 1.2240/50 range.
DaveIgnored
This wave needs to poke below 1.2205 befor I will consider the long trade that I am looking for. I would prefer to enter at 1.2175 but once the price hits the fibo's it could turn at any time.
Once the price pokes above 1.2380 then I will be looking for that short trade thats going to challenge the 1.1640 bottom.
If the price rises above 1.2410 then I will have a bullish outlook. Untill that happens I will consider this to be in a retrace from the 1.2588/1.1640 wave.
If I were scalping i would favor shorts untill price drops below 1.2205/08, then I would start favoring longs.
Dave