Since the start of 2016 price has been inside a wedge, price is currently at the top of this wedge and thus provides a nice short opportunity. Price has failed to break the top resistance/trend line level, furthermore this area falls between the 0.618 and 0.786 fib extension zone. Stops should be placed above the resistance level. In my opinion this set up has 3 targets, the first is to the Green trend line, once this has been broken the next target is to the red trend line followed by the grey trend line.
Commentaire:
Looking to take profit at profit target 2 (red line)