Looks like price is about to complete an Elliot-Wave #5 before it might reverse into a 3 wave downtrend move. The 1.3250's look like a decent area of multiple resistance for countertrend traders to take short entries.
Break down of the 1.3250:
*Uptrend channel - Price first overshot the channel then undershot. Which leads to the believe of a weakening of the uptrend.
*Projection of 100% of wave 1 & wave 3 end in this price area
*Other Fibonacci extension levels that typically act as R&S cluster around this area
The more traders you have on your side the higher is your POP, Probability of Profit
Paired with a Risk to Reward of 1 to 2 or even 3 makes it a valid trading opportunity.
*Disclaimer: Reference is made to the disclaimer under lorbeerinvesmtent.com Please apply risk management before taking action upon a tip.
Break down of the 1.3250:
*Uptrend channel - Price first overshot the channel then undershot. Which leads to the believe of a weakening of the uptrend.
*Projection of 100% of wave 1 & wave 3 end in this price area
*Other Fibonacci extension levels that typically act as R&S cluster around this area
The more traders you have on your side the higher is your POP, Probability of Profit
Paired with a Risk to Reward of 1 to 2 or even 3 makes it a valid trading opportunity.
*Disclaimer: Reference is made to the disclaimer under lorbeerinvesmtent.com Please apply risk management before taking action upon a tip.