Reason for open position:
1. Buy area on support of upward channel. After hitting the top of the channel today, there is a high probability there will be a retest of the support level.
2. Short term Elliot wave cycle correction.
3. Channel support directly on top of EMA 50.
4. Channel support directly on top of .382 Fib level
1. Buy area on support of upward channel. After hitting the top of the channel today, there is a high probability there will be a retest of the support level.
2. Short term Elliot wave cycle correction.
3. Channel support directly on top of EMA 50.
4. Channel support directly on top of .382 Fib level