Possible wave count points to further upside, but the broken trendline has not been re-tested yet...
If the trendline gets re-tested then we might have ourselves a nice bullish bat to get back long.
We had one false bearish breakout out of the horizontal range, so I have a slight preference for the upside and possible start of a wave 3... It has been moving slowly this week, but once it picks up it could go fast and far, so be prepared! I that case I would certainly not close the whole long position at the S/R zone, but keep at least part open for further upside!
We are now at a decent level to place both trades as per the setups on the chart, with some luck one of both will be a success (if we don't get whipsawed out of both...).
Otherwise just trade the breakout!
If the trendline gets re-tested then we might have ourselves a nice bullish bat to get back long.
We had one false bearish breakout out of the horizontal range, so I have a slight preference for the upside and possible start of a wave 3... It has been moving slowly this week, but once it picks up it could go fast and far, so be prepared! I that case I would certainly not close the whole long position at the S/R zone, but keep at least part open for further upside!
We are now at a decent level to place both trades as per the setups on the chart, with some luck one of both will be a success (if we don't get whipsawed out of both...).
Otherwise just trade the breakout!
