The counter is due for a long-term correction which is bound to happen now.
After consolidating in a tight range as a 3-wave abc pattern (long-term wave B), it has yielded a bearish breakout.
So, the wave C, which is usually a 5-wave formation is set to follow.
Also, the counter is currently testing the broken support and converting it to a resistance, which is a good time to enter a short trade.
And we expect the pair to slide down further from here.
After consolidating in a tight range as a 3-wave abc pattern (long-term wave B), it has yielded a bearish breakout.
So, the wave C, which is usually a 5-wave formation is set to follow.
Also, the counter is currently testing the broken support and converting it to a resistance, which is a good time to enter a short trade.
And we expect the pair to slide down further from here.
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