D1 - We are looking for two waves down to the 38.2% to 50% retrace zone of the special cycle. Once the price reaches this zone we may expect a correction to happen and look for short term buys.
H1 - Bullish divergence (ignore the spike). Price broken above 59.35.
In the short term we may now look for pullbacks and buys. In the mid – longer term we are after sells.
Scenario 1 - Double wave down with hidden bullish divergence to form, we can then go long with the breakout of the most recent trend line.
Scenario 2 - We may get a range, in that case any drop down or push to the bottom of this range is an opportunity to look for buys. Of course we must have a cycle on its own in intraday timeframe as well before we start looking for buys.
H1 - Bullish divergence (ignore the spike). Price broken above 59.35.
In the short term we may now look for pullbacks and buys. In the mid – longer term we are after sells.
Scenario 1 - Double wave down with hidden bullish divergence to form, we can then go long with the breakout of the most recent trend line.
Scenario 2 - We may get a range, in that case any drop down or push to the bottom of this range is an opportunity to look for buys. Of course we must have a cycle on its own in intraday timeframe as well before we start looking for buys.