Here is my first published idea using a simple 1-2-3-4-5, A-B-C, Count in confluence with . A couple of things to note here.
1. There are 2 potential Wave's in this scenario. As a disclaimer, I want to mention that a cannot be properly called a until point 4 has been created. At this point these Wolfe's are speculative.
- The first is the larger one highlighted in grey. Point 3 has already been created and I'd now be looking for the ever elusive point 4.
-The second is the smaller between points 3 and a potential point 4. I have used a simple pattern to highlight a probable move for points 4 and 5. Once point 5 is created in the smaller we will have point 4 of the .
-The internal pattern in the smaller also sets off the start of the larger pattern, points cd, of the . The larger pattern points to a key level of support at 1.30232 - 1.30143.
2. Looking at the Count we have completed a 5 Wave Count and are currently in a corrective structure(internal ).
-There are 2 degrees I am paying attention to at this point. The smaller degree Wave Count within the parentheses and the larger degree wave count in Roman Numerals.
To keep the chart clean I left out a wave count to a lesser degree but have highlighted it in the photo below.
- A typical ABC correction will end at point 2 of the 5th wave. Looking at the internal pattern, we have an area of confluence.
-The higher degree Wave Count tells us that Wave I and II have been created. Wave III (3) is typically the longest and largest move within the 5 Wave Count. Once Wave II has been completed, I would look for a big move down. While the move is taking place I would look for another 1-2-3-4-5 wave count to complete Wave III .
Summary: I would look at 1.49520~ as an area to enter a short and have an exit target at 1.30232-1.30143. Keep in mind, though, that point 4 is the most difficultly defined point in a so it is best to trade your plan and look at a smaller time frame for a more accurate level to enter your trade.
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Side Note: If you disagree with the Wave Count shown here please let me know by posting your own. I would love to embrace a different view!
All the best,
To answer your question directly; I am currently looking for point B in the A-B-C pattern. The internal geometry is there to help guide the eye's where the points may end up. For now, it remains to be seen.