The same idea with previous forecast. I plotted the overlap zone which reject wave 4 of a possible impulse wave. So, I determine this is a corrective wave.
The next question is DOES the wave end or not. This corrective wave reach near to 61.8% fibo level and did not overlap the 1st wave, price also bounced up .
Trading strategy: I assume that price is developing the 1st wave of wave 5 (5-wave structure). So, just wait for wave 2 to buy wave 3.
The conditions to trade: Price will break the channel of wave 1 (the current wave) but not retract 100% of wave 1 (1.07151)
The next question is DOES the wave end or not. This corrective wave reach near to 61.8% fibo level and did not overlap the 1st wave, price also bounced up .
Trading strategy: I assume that price is developing the 1st wave of wave 5 (5-wave structure). So, just wait for wave 2 to buy wave 3.
The conditions to trade: Price will break the channel of wave 1 (the current wave) but not retract 100% of wave 1 (1.07151)
