Monthly: Holding within a corrective channel formation. A solid break of support at 107.52 opens the way for a more aggressive corrective AB=CD formation. The measured move target is 92.00. This is just below the 61.8% pullback level of 94.77 (from 75.56-125.86)
Daily: Completed a 5-wave count to the downside (Elliott Wave). A strong recovery can be seen from the 104.65 low (3rd January 2019). We are trading between the 50 and 61.8% pullback levels of 109.60 and 110.77. Previous support from 7th September 2018 now becomes resistance at 110.38
Intraday (8 hours) – Mixed trading (daily inside solders) has resulted in an Ending Wedge formation being posted. A break of support at 109.55 and the measured move target is 106.80. Trend line resistance is located at 110.32. With aforementioned resistance seen at 110.38, this is a prime area to get short. DeMark is close to an exhaustion 13 count. Signals are far from strong, but this trade idea offer ample risk/reward
