Analysis:
Price presented a strong rejection from the resistance after completing the 5th wave in this rising wedge setup.
A breakout was also presented at a previous resistance, creating a range for a downside movement or an ABC correction
Key Factors
-Rejections from the resistance after completing the 5th wave
-Breakout below the zone with strong bearish movements, requires to regain support above 109.8 for further upside recovery
-Rising wedge structure was also formed and a potential for an ABC correction towards the support
Entry Conditions:
-Sell at zone once rejections and confirmations are presented
-Target at support zone (C) and stops above current resistance zone
Invalidation of setup above the current zone if price breaks through and creates support above the level
Price presented a strong rejection from the resistance after completing the 5th wave in this rising wedge setup.
A breakout was also presented at a previous resistance, creating a range for a downside movement or an ABC correction
Key Factors
-Rejections from the resistance after completing the 5th wave
-Breakout below the zone with strong bearish movements, requires to regain support above 109.8 for further upside recovery
-Rising wedge structure was also formed and a potential for an ABC correction towards the support
Entry Conditions:
-Sell at zone once rejections and confirmations are presented
-Target at support zone (C) and stops above current resistance zone
Invalidation of setup above the current zone if price breaks through and creates support above the level
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