Large TF:
In the main downward wave of the instrument since April of last year, the oncoming wave of correction has been developing. Wave analysis indicates the formation of the middle part (B).
Small TF:
The bearish wave of January 4th develops as a stretched plane. The wave has a complete structure. The ascending segment of March 7 has a high wave level and may become the first part of the reversal pattern.
Forecast and recommendations:
The downward trend of recent weeks may be replaced by the growth rate of the course in the current month. Potential turn down almost exhausted. Traders are advised to change the vector of trading operations and start tracking reversal signals to search for entry into "long" deals.
Resistance zones:
- 16.20 / 16.50
Support areas:
- 14.80 / 14.50
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from your trading systems!
The material has been provided by InstaForex Company - www.instaforex.com