ForexFox_SA

I believe we are in a correction wave on the daily chart, and I think this correction wave could take us to the 3600s. I tried to show the sub-waves of the daily correction on the chart.

Be careful! The price is pretty close to the 5th wave target which I put a horizontal green line. A correction may start.

It seems the weekly triangle in fives is over!? and a swift price jump may come. I am ready to go long.

In line with my previous analysis, the price rose back above the lower trend line. Now looking at the detail of the bearish waves, it is possible that an up move could take the price to at least around 3440. That is my expectation. Keep in mind that this is a forecast as a result of an analysis.

The price is at the bottom line of the previous diagonal move's lower trend line. Momentum in price and volume indicates an up move is on the way. My prediction is to see a price around 3440.

Price reached one of the important target levels in my previous forecast. Now it seems to signal an important pullback. Be careful when go long.

Looking at where we are in the trend on the daily chart, I think we are in the correction of the uptrend and the last movement we are in is a triangle. Triangles like the one in the figure, after completing 5 waves, break on the barrier forming side of the triangle in wave number 6. Therefore, I expect a bullish breakout from these levels. This move may also exceed the previous high; however, it is too early to say that this is exactly the target at the moment. I think the first target is the 3414-3335 range.

It seems, we have finished a 5 wave impulse and an ABC zigzag type correction. In wave theory, A-B-C correction which is a Zig-zag type correction takes back the %61.8 lenght of the previous impulse. Please check where the price closed today. EXACTLY 0,618 (%61.8) fibo retracement level of the previous impulse. Therefore, it is not a good idea to go for short if there is not a price close below 3305 in 4hrs chart on Monday.

In daily time frame the price is in the correction phase. The correction type is a barrier triangle and the barrier is above the price (2725). In theory this type of triangles indicates that the price will move beyond the barrier after completing the 5 waves. Now the 4.th wave downwards is about to start and the target is 2663-57. After price touches there highly possible the price has the support from there and again move to 2725 and breake it this time. The vertical lines are the predicted dates for the moves indicater with arrows. This are my predictions not an advice for any investment.

In daily a tirangle with a top barrier is forming and the upper barrier is on 2725-35. When price hit there may face the ressistance and bounce back and reaches 2663-2655, then bounce back and breaks the upper barrier to go further something like 2764. This are not advices just my predictions. Also you can check what I predictid on 3rd of Jan.