Today, I’ll be considering the possibility of a 70+% retrace to the upside using the TGIF setup.
This usually kicks in by the London or NY-AM open if it’s going to happen.
If we don’t see more downside and traders decide to close out their short positions from the week, we could see an upside move.
I’m watching for a market structure shift to the upside and confirmations like higher highs or significant moves around the London session at 3AM New York local time.
If we see displacement to the upside during the London session, that’s a strong indicator.
If not, I’ll be looking for similar signs during the NY-AM session.
