First of: I know i mixed up support and resistance on the chart. but i did want to get the chart out as quickly as possible.
Setup is pretty straight forward. We are sitting at a retest zone of the doublebottom neckline which also was strong support prior to that. A retest of the upper line of the current correction (blue dash) will already provide us with a nice 1.5:1. i will take 2/3 off there while with 1/3 i will hope for a break above and another potential impulse, which then might bring us all the way into the 78-79 area.
Setup is pretty straight forward. We are sitting at a retest zone of the doublebottom neckline which also was strong support prior to that. A retest of the upper line of the current correction (blue dash) will already provide us with a nice 1.5:1. i will take 2/3 off there while with 1/3 i will hope for a break above and another potential impulse, which then might bring us all the way into the 78-79 area.
