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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

OBX rising inside impulse waves (iii) and 3

  • OBX rising inside impulse waves (iii) and 3
  • Next buy target - 568.00

OBX continues to rise inside the minor impulse waves (iii) and 3 – both of which are a part of the intermediate impulse wave (3) from the start of April. The active impulse wave (3) is itself a part of the primary upward impulse ⑤ from January. The index earlier broke through the pivotal resistance level 550.00 (which stopped the previous minor impulse wave 1). The breakout of the resistance level 550.00 intensified the bullish pressure on this index.

OBX is likely to rise further to the next buy target at the next strong resistance level 568.00 (which reversed the index multiple times in November and December of last year).

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