The daily chart is still in the AB boundary and has hit the B extension and is now retracing looks like it could come to the 50 % fib as it hit the 38.2 and retracing back. So if you were in trades off the daily chart wait for a bullish pattern and take it to the D extension take profit of 88.99.
The two hour chart has been bearish for the last 10 hours and there is no action to be taken till we can see a poven low and that would be 2 candles to the left and right. The 1 Hour chart is sideways to bullish so all we could do is place a couple of trend lines and hope to see a bounce off them, again the waiting game. There was a lot of price action in the early Asian session. The 15 minute chart we were able to place an ABCD boundary on the chart as A is at 81.39 and B is at 82.11 as C has pulled back to the 78.6 with a bull candle forming now so we will wait to see if there is a possible entry. I do not like that the other three time frames are in the same direction so this looks to a high risk trade at the moment. The D extension is at 82.55 for our take profit.
Most Popular Slideshows
- Victoria's Secret Fashion Show 2013: Models' Ramp Walk Aired on Tuesday [PHOTOS]
- Victoria's Secret Fashion Show 2013: Bold, Sexy and Sensuous Lingerie Fashion [PHOTOS]
- Victoria's Secret Fashion Show 2013: Drooling Guys, Conscious Girls, Naughty Jokes on Twitter [SEE PHOTOS]
- Victoria's Secret Fashion Show 2013: Best Pictures From The Sexiest Show Ever [ SEE PHOTOS/VIDEOS]