Large-scale graphics:
The rising segment of the chart, which began in mid-August, corrects the previous segment of the daily trend. The structure of the wave lacks the final part (C).
Medium scale graphics:
Beginning on November 12, the price growth completes a larger wave model. The most likely zone of completion is within the nearest zone of the potential reversal of a large TF.
Small-scale graphics:
From November 28, the price moves upwards, completing the time scale wave structure.
Forecast and recommendations:
Given the corrective nature of the current boom, purchases are risky. It is recommended to refrain from trade transactions, until the completion of the entire wave. Signs of subsequent reversal will be promising for trading.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1320 / 1.1270
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. 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