Following on from my last chart, we are approaching the previously identified target zone for this correction to terminate. The box is defined between prices 43.35 - 43.75.
I believe the market will have one last push into this target zone before a sharp reversal develops and the bears take us down towards the $38 mark.
I will look to enter short in the target zone with stops just above 44.86. So we're looking at 110 - 150 pips risk, for profit targets of 535 - 575 pips.
Bearish candles on the 2hr chart within the target box, followed by a MACD sell signal for the ultimate confidence booster would be my expectation.
If we see the market follow this script and hit $38... this could present us with the buying opportunity to jump onto the next 6+ month bull run.
I believe the market will have one last push into this target zone before a sharp reversal develops and the bears take us down towards the $38 mark.
I will look to enter short in the target zone with stops just above 44.86. So we're looking at 110 - 150 pips risk, for profit targets of 535 - 575 pips.
Bearish candles on the 2hr chart within the target box, followed by a MACD sell signal for the ultimate confidence booster would be my expectation.
If we see the market follow this script and hit $38... this could present us with the buying opportunity to jump onto the next 6+ month bull run.
