has made five waves up since April
, which means that primary trend is bullish
. As such we will be expecting more upside after any corrective retracement. That will be blue wave B, which seems to be a triangle, possibly near completion, because we see red wave E in progress, which is a final leg within a contracting triangle. We could be looking for long opportunity on this pair, if price will bounce from red support line and move back towards wave (D). If price will go beneath red wave (A), then our current count will be invalidated and in such case we will stay aside with any trades.
Triangle patterns are corrective patterns that occur only in waves 4 or in our case in waves B or in some cases it also occurs in wave X. Triangles consist of five sub waves a,b,c,d and e.