Price bounced out of the 50 level, poked
through the B high by 12 pips, and is back inside at present. We need a sustained
break of the B high to confirm the start of an uptrend. If we remain inside the
B high then there is a chance that price might retrace down to the 618 where we
will be looking for a long trade setup.
Will be going long if:
We need a retracement to the 618 where we will look for a
long entry, else a sustained break of the B high will give us a new AB swing,
where we will have to wait for a B to
form first.
Will be going short if:
No short setups at present as we are in the process of a
reversal with no criteria in place for a short, stand aside.
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