30.01.2024 04:32 PM
The construction of the current wave Y in the four-hour timeframe continues. This wave consists of three main parts and takes the form of a double zigzag [W]-[X]-[Y]. The sub-wave [W] is already fully completed.
In the development process, there may be a connecting wave [Y]. As of today, a completed downward wave (A) can be observed, taking the form of an impulse. Also, a bullish correction (B) has been constructed.
Since the complex correction (B) appears to be fully formed, we can expect the development of a bearish impulse wave (C) in the near future. In this impulse, bears may push the price towards the 1.0718 level, which was marked by the connecting wave (X).
Among the significant news in the USA that could impact the acceleration of the bullish trend, it is worth noting the consumer confidence index report and the job market's open vacancies report.
Trading recommendation: Sell at 1.0841, take profit at 1.0718.
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