Large-scale graphics:
The direction of the main trend from February of this year looks at the "south" of the chart. A preliminary calculation allows you to expect about 7 price patterns to the upper boundary of the target zone. The last completed TF wave H4 formed an upward correction (B).
Medium scale graphics:
From November 8, a new wave is developing in the direction of the main trend. In its structure, the latent correction section, which has an irregular-looking structure with a strong elongation of the middle part, is nearing completion.
Small-scale graphics:
The upward segment of the schedule of December 10 has a small potential for recovery. The wave completes the correctional wave in a larger bearish pattern.
Forecast and recommendations:
In the nearest weekly period, a change in the movement vector of the short-term trend is expected. Purchasing is risky. In the area of the calculated resistance, it is recommended to track the reversal signals to search for entry into short trades.
Resistance zones:
- 144.10 / 144.60
Support areas:
- 141.50 / 141.00
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Attention: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company - www.instaforex.com