04-HOUR CHART
30-MINUTE CHART
(CLICK ON THE CHART TO ENLARGE IT)No doubt that the Trippe-Top (Oct 11th, Oct 15th and Nov 07th) and the large 350-pip move last friday Nov. 09th strongly favour a brand-new bearish trend. But not without a bullish correction first. And what favours this correction? Well, several factors that I list below:
# very rare to see a 350-pip move in one single day without any bounce back;
# Mov. Average rubber and the "possible" formation of a Morning Star on the 04-hour chart
# higher lows on the 30-minute chart right before the close of last friday and indicators favouring this up correction.
So I do believe in an up correction before the bearish trend resumes. My points are:
BUY failure 162.25/30 (last friday´s higher low) with stop at 162.00 (10 pips below last friday´s low) and limit 163.00 (23% 166.00 to 162.10 and 38% of major up move 155.24 to 167.73).
Add lots at break 162.60 (historical support) with a tight 10-pip stop and first limit at same 163.00. Follow intra-day chart to keep ading lots at break of 163.00 with limit at 163.60 (38% fibo 166.00 to 162.10).
If I´m completely wrong, SELL break last friday´s low at 162.10
