Intersection in Elliptic Zone
1. THE YELLOW LINE: this is an important uptrend which is being touched by the chart for the 3rd time.
2. THE RED LINE: S&R line that is broken as resistance and now is turned to strong support.
3. THE GREEN ZONE: a reliable zone. if it is extended more support can be found.
4. THE FIB OF THE WAVE AB: if we draw the fib retracement corresponding to the wave of AB, the chart is near to important Fibonacci number 61.8.
PUT THEM TOGETHER:
We have an elliptic zone with four strong lines all acting as support. so we should expect a nice upward movement.
"good risk to reward ratio"
CONSIDER THAT THE NEWS OF "ECB's President Lagarde speech " CAN EFFECT THE MARKET. SO THE BEST OPTION FOR ME IS TO WAIT UNTIL THE NEWS IS RELEASED.
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