Main items we can see on the chart:
a) The price is on a support zone were several rejections happened in the past
b) We can see a clear Corrective Structure after an impulse happened. That give us clues that a new wave C or 3 may continue.
c) Inside the corrective Structure we have a descending trendline (a breakout of it will mean a new bullish movement towards the upper zone of the corrective structure
d) If the price breaks above the corrective Structure our bullish target will be the next resistance zone at 118.00
a) The price is on a support zone were several rejections happened in the past
b) We can see a clear Corrective Structure after an impulse happened. That give us clues that a new wave C or 3 may continue.
c) Inside the corrective Structure we have a descending trendline (a breakout of it will mean a new bullish movement towards the upper zone of the corrective structure
d) If the price breaks above the corrective Structure our bullish target will be the next resistance zone at 118.00