Quick update- I have not entered my short position just yet. I'm thinking that we may have just now completed the "b" wave of the abc correction, and if so there should more upside to come. However there are some things we can look out for that would support entering a short position in this are.
1) corrective sturcture into the 1.17 level with a solid bearish rejection to indicate a wave 2 of first wave down.
2) Further breakdown from this area down to 1.14 area which would give us a good confirmation. In this case we would want to still wait for the retracement to put in a lower high before entering short. As for now we wait patiently.
Happy Trading!
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1) corrective sturcture into the 1.17 level with a solid bearish rejection to indicate a wave 2 of first wave down.
2) Further breakdown from this area down to 1.14 area which would give us a good confirmation. In this case we would want to still wait for the retracement to put in a lower high before entering short. As for now we wait patiently.
Happy Trading!