I'm thinking that the wave (B) should end just around he 70 cents level where there is a pattern in the wave (B) at 0.70038. I remember there was a guy who doubted me when I said that this pair would retest the 69-70 cents level and asked me why I was so sure it would do so? Well, I sincerely hope he didn't lose too much money doubting me!
Anyway, what I am seeing is that this wave (4) is going to unfold in an 5-3-5 pattern with wave (A) already unfolded in 5 waves and now wave (B) in 3 waves. That would mean we should expect that wave (C) will be a 5 wave move. So should be looking for wave 1 next.
ABOUT THE PATTERNS
After hitting on that nice downtrend off the #1 (green), that leaves #2 still intact and valid. After wave (B) ends, that ending will become a C point for a POTENTIAL . Now here's where some people may disagree or be confused about this . Gartley's as you may know, have a B point at .618. If you look at the B point of the on the 4HR chart, you'll see that the B point has CLOSED above the .618 retrace of XA. HUH? Then why is it a you might ask? If you go to the as I show below, you will see that the B point DOES NOT close above .618 retrace of XA! Sure, it does have a wick that goes above the .618 but that wick does not reach the next pattern fib level of .786 to be considered a . This is why for me, this is a valid . You could also make the case that it should be considered a and you would not be wrong. But in this case, I am calling it a because it fits into my overall wave count whereas a would violate my wave count. It's D point would have the ending of wave (4) in the price territory of wave (1) and that would break my wave count.
Another thing to note is that completes right near the .382 retrace of the entire previous impulse wave down. Confluece.
DAILY CHART - Showing the POTENTIAL Gartley
MY TRADE PLAN
I am waiting for the wave (B) to finish. When it does, I will be going LONG on this pair again.
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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