Wave picture of the chart H4:
The direction of short-term trends sets the bearish wave algorithm from February 2. The minimum permissible proportions of all parts have been reached.
The wave pattern of the graph H1:
The bearish movement of April 13 is part of a larger wave structure. From the top of the broad support zone in the last month there was a pullback.
The wave pattern of the M15 chart:
The bullish wave of May 30 has a reversal potential. Formed the first part (A), there were signs of a rapid onset of counter correction (B). Further, it is worth waiting for the continuation of the recovery.
Recommended trading strategy:
Sales with high-risk are not recommended because of the small reduction potential. In the area of the support zone, it is worth starting to track the signals for buying the instrument.
– 147.80 / 148.30
– 150.00 / 150.50
– 145.30 / 144.80
Explanations to the figures: In a simplified wave analysis, waves consisting of 3 parts (A-B-C) are used. For analysis, 3 main TFs are used, on each one the last, incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a turn.
Arrows indicate the wave counting according to the technique used by the author. The solid background shows the generated structure, the dotted – the expected movements.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!
The material has been provided by InstaForex Company – www.instaforex.com