Method: Elliott Waves
Description: To update you on yesterday technical analysis trade call, I mentioned that wave (i) been completed 100% and a correction was expected before the major expected drop in price. However, I used RSI indicator to show a divergence in trend movement and the indicator where it shows wave (i) ended at price 1.53462 and the RSI just jump above trend line polarity. That indicate a momentum is positive and should pull the price a bit up like a 120 pips which considered final minor wave (c) toward 1.55464 level or a above in expected range. I will keep my short trade open keeping my eye on 1.55464 and 1.55940 target level. Once price reach what expectation. I will add more lots to my short trade for major expected drop. Stay tuned...
Recommendation: Sell and Hold
Trade Duration: 14 Days or more
Stop Loss: 1.57000
Target: Open with expectation toward 1.40000 soft target