HK33HKD Retrace Expected
(A Long then Short plan if you dare) otherwise wait it out and follow the trend.
Seems like the 1st intra-wave of the bigger 5th wave down has rejected the previously drawn Support on our charts (temporarily). *Link to previous chart is attached.
Could it be the start of a retrace (ie wave 2)?
If it is, a good entry for a further short at 23,580 level area (in line with Fib50 and some resistance areas)
A further entry could be at the FIB61.8 area (blue and green lines) which lie stronger resistances including the POC levels.
Expecting the downward intra-wave 3 of the larger 5th wave to Hit our previous TP1 target as it now is in confluence with FIB ext 161.8.
** Of course this is only assuming that a retrace happens from here!!
Seems like the 1st intra-wave of the bigger 5th wave down has rejected the previously drawn Support on our charts (temporarily). *Link to previous chart is attached.
Could it be the start of a retrace (ie wave 2)?
If it is, a good entry for a further short at 23,580 level area (in line with Fib50 and some resistance areas)
A further entry could be at the FIB61.8 area (blue and green lines) which lie stronger resistances including the POC levels.
Expecting the downward intra-wave 3 of the larger 5th wave to Hit our previous TP1 target as it now is in confluence with FIB ext 161.8.
** Of course this is only assuming that a retrace happens from here!!
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