GJ is in the process of completing the 4th wave down. We have a confluence area at the 150.579, which is a resistance area price did not retest on the breakout to the upside. This level is also coinciding with the trendline price broke out of, and did not retest. This is also where a parallel channel line is acting as support.
Look for a touch there to go long into 152.882. This will be a resistance area price needs to go to finish the 5th wave. That move higher will have given us a break of 152.024, which is a monthly and weekly resistance area. Expect a close above there on the weekly. That should be a level we do not go below after the close, and can expect more upside for the medium term.
Look for a touch there to go long into 152.882. This will be a resistance area price needs to go to finish the 5th wave. That move higher will have given us a break of 152.024, which is a monthly and weekly resistance area. Expect a close above there on the weekly. That should be a level we do not go below after the close, and can expect more upside for the medium term.
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This is also where we can expect an inverse head and shoulders pattern. Looking for a bullish pin bar after the touch as confirmation for the long.
