Although there is a slight discrepancy between the near term and longer term time outlook, upside potential is enough for some aggressive buying strategies. The 420-minute intraday chart below shows the contours of a new ABC recovery or perhaps even a new impulse wave targeting 17.9760 (conservative) and 8.1150. Both targets are well below the key weekly resistance levels starting at 8.2380 up to 8.3785.
We are entering long with stops below 7.7520.
Near term trend: positive
Long term trend: neutral/slightly negative
Outlook: decent recovery, moderately positive
Strategy: trading-buy
Support: 7.7520 / 7.6695-
Resistance: 17.9760 / 8.1150 / 8.2380 / 8.3785
Outlook cancelled/neutralized below 7.7520
We are entering long with stops below 7.7520.
Near term trend: positive
Long term trend: neutral/slightly negative
Outlook: decent recovery, moderately positive
Strategy: trading-buy
Support: 7.7520 / 7.6695-
Resistance: 17.9760 / 8.1150 / 8.2380 / 8.3785
Outlook cancelled/neutralized below 7.7520