For a while now I have been a fan of the "half pivots", like the (P+S1)/2 we just bounced off of, and which I suggested would provide support.
We have now past the first short term bearish trend-line and are approaching the second, but I believe the break of the first is the first real confirmation signal that we have in fact bounced.
In addition, 4H RSI is about to break up past 30, another great bullish signal.
The icing on the cake is that the 4H LOI is climing also, in other words, the is real buying going on.
TARGET: I cant provide one at this time, because for the short term I honestly dont any confidence. This correction period has been drawn out and it wouldnt surprise me if we bounced at 0.90 again. That said, medium to long term is very bullish in my opinion so even though im sitting on a loosing trade from 0.77, i have zero stress about it.
Unfortunately this leg down could make the top of the next impulse cycle lower than I was expecting, with Wave 1 most likely under 1.00.
We have now past the first short term bearish trend-line and are approaching the second, but I believe the break of the first is the first real confirmation signal that we have in fact bounced.
In addition, 4H RSI is about to break up past 30, another great bullish signal.
The icing on the cake is that the 4H LOI is climing also, in other words, the is real buying going on.
TARGET: I cant provide one at this time, because for the short term I honestly dont any confidence. This correction period has been drawn out and it wouldnt surprise me if we bounced at 0.90 again. That said, medium to long term is very bullish in my opinion so even though im sitting on a loosing trade from 0.77, i have zero stress about it.
Unfortunately this leg down could make the top of the next impulse cycle lower than I was expecting, with Wave 1 most likely under 1.00.
