Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2448. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. There has been little net change for the last four months.
Weekly: Completed a bearish Elliott Wave count to the downside (5-waves completing at 1.1301). We are now assessed as being in the corrective AB-CD formation high. The measured move target is 1.1808. We look for price action to continue to be mixed and volatile. Long-term bespoke resistance is seen at 1.1840 and is our main focus.
Daily: We look to have completed the first two legs (a-b and b-c) of a larger AB-CD formation. The inside legs are complex, common in corrective formations.
Intraday (4-hours): Although we have reacted higher from the 61.8% pullback level of 1.1361 (from 1.1302-1.1456), with Demark posting an exhaustion 13 count on the intraday chart, there is scope for a larger corrective move to the downside. With this in mind, we prefer to buy into dips. We have a Fibonacci confluence area located at 1.1335-1.1326. This is our prime buy zone.
UPDATE: Buy triggered at 1.1335 (08:01:00 09/11/2018)
