The correction went deeper as expected at first sight, but is almost complete now. (see previous set up for ARK below)
As we can see biggest part of this correction is in a corrective pattern, so I have been waiting some days/weeks already for this moment. Suc a corrective pattern is a clear sign that it will break to the upside, just a matter of time. Now we're reaching the blue box, the break out can happen any monent.
On lower timeframe we can see that its alreay closing in on the and trying to breakout. Its showing a Trend Continuation Pattern after the last candles up.
Once break out happens, I'm expecting a 5 waves up move towards the blue box. This is mid-long term.
Please read again.... mid-long term,so not next week!
Tradingadvise: ballsy traders jump in now (as bouncing area is not that far away).
More conservative traders wait for the break out and buy when a TCP is formed (see link below for breakout trading)
Some quick questions so pls answer when you have time.
1. Do you use LOG scale on your charting or no?
- is this valid considering fib on ew?