Yellow - Show the shape of our triangle structure. You can see with each wave how we are descending to a "fairer" price. The lines are not exactly on each high and each low. With time I have found different ways to draw support and resistance in order to capture all price movement and not miss out on a swing. [/I]
Orange - Long term trading range Blue - High and Low of our range
Pink - "Fair Price" notice I have two lines. I spoke before about why I do this but the price plays so heavily within one or more range I like to document them both but there is only one fair price [/I]
Red - This circle represents my entire potential reversal zone. I will decide which zone of support I will play towards as price moves further down. However, for now I have a hand full of lines to look at. My first area will be in between the yellow and orange lines. [/I]
Other than that the labeling speaks for itself Triangle pattern made of 5 sets of 3 wave structures. We are looking at 4 of them already. Maybe later I will do an education post as well to give a more in depth view of the waves within the structure. [/I] For now, I will take a short position when opportunity comes and begin selling towards the lower zone of support (n between the yellow and orange lines.)
Upon completion of the triangle I'll take a long position and start buying it until my broker calls me to stop.