There is a very clear formed between the two peaks from 2/04 and 2/23. Since the formation of the second top, prices had started to decline again. Although it appears on this chart that prices had decisively broken the upper MAJOR TL of a triangle, if you were to look at higher TF’s, you’d see that in fact, prices were rejected. And in this TF, it was a false break with prices quickly dropping back below the TL. Prices again challenged the TL today and were again rejected. We are almost at the very tip of this triangle now and decisions about this pairs long term future must be made. But for now, there is still some small room to fill.
So this was a very, very complicated wave count to make and still it seems somewhat tenuous. Basically, what we have here is a 5-wave wave A of (C) and this wave A has a rare truncated 5th wave. That 5th wave also being a ending contracting diagonal. Told you it was complicated! Yes, it can be disputed and can be labeled another way but as I’ve always said, it isn’t important the wave count be exactly correct as much as it leads you in the correct direction for the trade. And in this case, I believe this count is leading to the correct direction.
There still is a large POTENTIAL Bat (yellow) that remains unfilled. Prices cam really close to it but never filled it. But we’ll need to put that aside for now. I don’t believe it is getting filled anytime soon. But it may still come into play down the road. There is a very relevant smaller POTENTIAL Bat (green) that is playing a part in defining where prices may go now. It would fill just around the area of the MAJOR up trending TL . If and when prices get to that point, it will be decision time as to what it will do: break or bounce.
The other prominent pattern here is the aforementioned contracting ED with a truncated 5th. The wave 5 of (5) has completed this ED. Other patterns in play here are of course the and also a inclined pattern.
More detailed analysis including the BIG PICTURE available at http://www.efxselect.com.
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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Though I may not post here quite as often like before, I do continue to post much more to my own Facebook group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Facebook group at: www. facebook .com/efxselect. If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
Website: http://www.efxselect.com to subscribe
Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Sep 18th Weekly Indexes newsletter: http://bit.ly/2w2ODMH (FREE Access)
Want results like this? Join us: http://bit.ly/29x4bfM