The market have got into the possible reversal zone projected by Fibonacci external retracement levels. This zone also contains major and minor trend line
cross. Fibonacci time extensions from last medium degree highs pivots
as the wave B and wave 1 appear to match possible reversal day with in the wave ( iii
), and previous highs of wave (3) and wave 1 Fibonacci time extensions show that price is in zone of 138.2 - 161.8%.
As we expect the price to go into correction after reversal in previously discussed zone there is support zone
of the correction end projected by Fibonacci retracement
levels and pattern invalidation level.
This is the minor degree corrective pattern expected to follow. Thus we do not want to trade it. The idea is to wait and look closely for the correction to end and as it unfolds we can project smaller reversal zone of time and price zone.