Elliott waves analysis – We are short.


Wave Analysis:

The price has been trading within the upper and the lower trendline previously the price bounced off from the corrective wave cycle two towards the lower trendline at the impulsive wave cycle three, the price then rebounded to the upper side at the corrective wave cycle four where its currently rallying, I expect the price to bounce back towards the lower trendline around 1.1815 in continuation of the impulsive wave cycle five. However, should the price break above the upper trendline, then the bulls would be in control, but as of now we are sellers.

Trade Recommendations:

We are short.

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