By: Fadi Steitie
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: Trend just bounced at 1.618 Fibonacci level at price point 1.30 with a divergence in RSI. To follow up with yesterday trade, I would suggest you to close your long position to secure yesterday move and to get ready for next move. Now if price breaks the red falling channel at price 1.31200, then I would strongly suggest to add more lots to your trade and ride the wave toward wave (B) at 0.50 Fibonacci level of last falling ZigZag with a stop lose to be shifted to 1.30400. A confirmed divergence in RSI with 1.618 Fibonacci level confirm a bottom level. A break in RSI falling level warns of a bullish action might progress therefore lets watch for above 50 RSI to confirm the up move trend reaction.
Recommendation: Close and watch for another Long Position
Target Area: 1.31200
Stop Loss: 1.30400