A good chance to open short trades | 11 مارس 2016

On the weekly timeframe situation is more clear.

We assume that the impulse growth began in 2011. Then a decline began that probably has a corrective nature and takes the form of a double zigzag.

This zigzag is forming the wave [c].

To make zigzag take its final shape, the price has to drop, because the wave [c] clearly shows desire to be formed in the impulse form.

And then we expect movement of the price in the way it is showed in the chart below.

On the 4 hour chart shows the wave [iv] to be completed - it took shape of horizontal triangle.

Now, however, we expect resumption of the impulse drop.

For this reason, I opened a sell trade with a Stop Loss beig put at the local High.