On this chart, you can see that we have a pretty nice pattern (http://www.investopedia.com/terms/g/gartley.asp). Along with 2 Ending Diagonals, one is Wave C of a flat (red lines) which I believe to be either part of Wave E or Wave 2, the other is Wave v of C (yellow lines). This makes for a very chart setup, along with the divergences on the AO and on multiple time-frames. This is probably a great time to start opening up short positions against the trend to hold for the next few days.
Targets are difficult to make at this point, but the blue arrow shows a good target for the end of Wave 3, if it develops in such a way. Otherwise, we may have our first stop around 1200CNY for Wave 1.
The reason I am changing my count now is because Wave 1/D looks distinctly impulsive, so there is a chance instead of this being a 12H triangle, like my linked charts predicted, it could actually be a Triple Three Correction, ending at Wave C. Either way this is a very set-up with a tight stop-loss. My strategy is to open shorts with stops set and go have fun for the next couple days while bites the curb. Remember it helps to keep your eyes OFF the prize ;)
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Here are possible targets for abc of Wave 2 and also for the subsequent Wave 3 if these targets are correct. I'd hedge shorts here and go long if you want to scalp this move.
I appreciate all the likes and follows guys :)
If anything, I would be opening more shorts here. As you can see on this chart there is:
1. 15m Bearish Div
2. Possible Leading Diagonal (Wave 1)
3. AB=1.5CD (Wave 2)
4. Possible Bearish Gartley (not ideal)
5. Wave 2 retraces ~50% of Wave 1
I am still holding my short from 262, no reason to close yet.