Long here with stops at 149.320.
Kommentera:
Price retraced to the 78.6% indicating that the correction of the 5th wave move up has completed (white fib). In the bigger scheme of things, we're on our way up to complete the 5th wave of the higher TF move (teal fib). The path of the 5th wave can be followed with the green fib.
Kommentera:
If we look at price action and assume that this is the bottom, then we can enter here and keep stops just below the last candles low. We want to make higher lows going into the 20EMA. A touch of the 20ema would indicate the retracement is complete, which at that point we've broken back above the parallel trendlines and can say that it was a fake break to the downside. A retest of the inside trendline can be a good entry to target the upper parallel line.