Recent price development urged to change to count due to no impulsive price rection after previous wave 4 low. The new count indicates, that wave 4 is a classical traiangle pattern anr recent range breakout is first wave (i) to the upside that on Daily chart has been finished and now a correction is due. When corrective wave (ii) will be done, powerfull wave (iii) is just about the corner.
The Key Level is 55 period moving average - the last time price went to this level it was heavily bought.
If Extended Triangle pattern line will be broken, then this would be first clue that low is in.
Support/Resistance:
3.700 - Swing High
3.5500 - Extended Triangle pattern trend line
3.4750 - 100 WMA
3.4150 - 55 WMA
3.3000 - Wave one low/Bullish count invalidation level
3.2650 - Swing Low
Trading Recommendation:
Buy the dips with SL below 3.300 and POTENTIAL target of 4.100 easy.
Seb
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