On the Daily timeframe, UJ has graced us with a beautiful break to the upside out of a long lived falling wedge. On this scaled-in view of the breakout leg, I am looking for follow up momentum provided by the breakout leg. It ( the breakout leg ) is naturally an impulse type of wave and must therefore be followed by a correction wave which in some cases simultaneously provides a retest. With the possibilities of waves A and B having been completed in the forms of 5-3 structured waves I will be looking to trade the possible C wave which should follow with a 5 wave impulse move. We currently have 2 of those waves complete, I will be trading the third wave.
If you have views on UJ, do feel free to throw in some interaction in the comments below. Have a blessed trading week. I will be providing updates of the above chart's progress.