In case we go further up along the up channel this chart identifies some possible long targets:
Primary targets:
1. Confluence of a possible harmonic move and bearish 3 drives pattern at the 1.2000 psych level.
2. Possible completion of a bearish bat around 1.2300.
Possible additional targets:
3. Confluence of the 61.8% retracement of the large move down and a possible completion of a bearish bat around 1.2600.
4. The 1.3000 psych level...
Very long-term here, we could reach a possible entry level at the lower channel boundary/trendline soon. SL would need to be below the March low if aiming for all 4 targets, hoping that we never get there and PA is stopped at the monthly support trendline (SL could be trailed so that it is always at least below that trendline, this could yield better R/R).
If only considering the 2 first targets then a tighter SL can be considered, as long as it's at least somewhat below the 1.0810 low support level...
Some considerations:
Mind the fact that the momentum oscillators are still not outright bullish..., RSI not convincingly above 50, some MACD histogram bearish divergence but that could be accounted for by the recent decline..., MA's still pointing down,...
A bearish alternative scenario could be developing (update will follow).
Primary targets:
1. Confluence of a possible harmonic move and bearish 3 drives pattern at the 1.2000 psych level.
2. Possible completion of a bearish bat around 1.2300.
Possible additional targets:
3. Confluence of the 61.8% retracement of the large move down and a possible completion of a bearish bat around 1.2600.
4. The 1.3000 psych level...
Very long-term here, we could reach a possible entry level at the lower channel boundary/trendline soon. SL would need to be below the March low if aiming for all 4 targets, hoping that we never get there and PA is stopped at the monthly support trendline (SL could be trailed so that it is always at least below that trendline, this could yield better R/R).
If only considering the 2 first targets then a tighter SL can be considered, as long as it's at least somewhat below the 1.0810 low support level...
Some considerations:
Mind the fact that the momentum oscillators are still not outright bullish..., RSI not convincingly above 50, some MACD histogram bearish divergence but that could be accounted for by the recent decline..., MA's still pointing down,...
A bearish alternative scenario could be developing (update will follow).
