Quick run-through current corrective structure from an pov!
Triangle formations are corrective patterns that are bound by either converging or diverging .
Triangles are made up of 5-waves that move against the trend in a sideways fashion. These triangles can be symmetrical, descending, ascending, or expanding.
Flat formations are simple sideways corrective waves.
In flats, the lengths of the waves are GENERALLY equal in length, with wave B reversing wave A’s move and wave C undoing wave B’s move. We say generally because wave B can sometimes go beyond the beginning of wave A.
ZIGZAG (AQUA BLUE)
formations are very steep moves in price that goes against the predominant trend.
Wave B is typically shortest in length compared to Waves A and C.
These patterns can happen twice or even thrice in a correction (2 to 3 patterns linked together).
Like with all waves, each of the waves in patterns could be broken up into 5-wave patterns.
Information from Babypips for education purposes only.
If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT IT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns.
So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED!
And remember, there is NO RIGHT OR WRONG in trading - just money management!
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
The Legal stuff - I'm not a financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
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shows our BULLISH pivot is very possible (after correction)