According to Masterforex-V Academy,
there is a retracement going on against wave A of level Daily2 with the
borders at 79.021 and 81,500. The retracement Fibo grid is still
actual.
The price has already reached 38%, thereby indicating the making of
wave A H8 (81,500 – 80,520) as well as the flattish zone. The starting
point for the bearish move is the top of wave B H8 =76% = 81,290.
At this point, there is a bearish
move - a(C )/ C of H8 or higher. It contains sub-wave ABC patterns. The
second starting point is 81,120. Pivot 2 os located a fe points below it
– 81,015.
The mentioned pivot 2 and several sloping channels (81,500 - 81,290 and 81,290 - 81,020.) are defending the bearish move.
The closest bearish target is 80,520. A break below it will complete the FZR.
At the same time, in order to see a
major rally, first of all, the price has to start an initial
bigger-scale upswing breaking above pivot 2 and the external sloping
channel with a full-fledged bullish FZR.
We expect the bearish move to be completed, with a further return to the price range.
