As posted in previous analysis, we have reached the ideal level which is 1.236% of wave A. In my latest education about diagonal, the rule stated that the last wave of the diagonal CAN be shorter than the 3rd wave (wave C). However it is still possible for some more downside which I don't give a high probability. A further extension can be 1760 which is previous low, but I am still confident that price will not go beyond 1753.
Price seems to be rejecting twice in that area and wave C also ended with a momentum divergence. This is a strong indication that bear has lose it's strength. We will take this high risk long trade at current market price and add more position along the way. Current short term resistant is around 1780-1790. If this setup is invalidated, I will post an update below. I am expecting consolidation/ranging today as there is not enough volume for bulls yet.
**This is a swing trade that will take weeks to months to complete. Patience is virtue.
Price seems to be rejecting twice in that area and wave C also ended with a momentum divergence. This is a strong indication that bear has lose it's strength. We will take this high risk long trade at current market price and add more position along the way. Current short term resistant is around 1780-1790. If this setup is invalidated, I will post an update below. I am expecting consolidation/ranging today as there is not enough volume for bulls yet.
**This is a swing trade that will take weeks to months to complete. Patience is virtue.