In the MAIN Chart above, what I am showing is that prices could be moving to complete an expanding triangle. With such straight forward swings, this is likely as the next swing up would be completing the leg E of that possible expanding triangle. But we'll need to see what happens as the swing progresses. The alternate view is that we are looking at a 5-wave Wave (A) taking place. And that we have just seen the wave (i) and (ii) of a possible wave (3) complete. If that is the case, this next move up could be a wave (3). But again, we'll need to see how it unfolds.
I have also drawn a POTENTIAL pattern with an accompanying POTENTIAL pattern as well. Both these patterns would appear to be helping to define the possible wave (3) that may be coming.
Click on each chart below for more description:
WEEKLY CHART - Wave Count + POTENTIAL Cypher
DAILY CHART - WAVE COUNT + PATTERNS
MY TRADE PLAN
I am already LONG on this pair. I have placed my SL below the point D of the expanding which would also be below where I have marked as the low of the wave (ii). I am looking for prices to reach all the way to the upper TL of the expanding triangle to complete the leg E of the expanding triangle.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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