The guidelines of alternation in Elliott Wave would be indicating the 4th wave probabilities are a zig zag or a triangle when the 2nd wave was a flat like the classic flat in this wave 2. If I'm nuts, the risk is well defined as a wave 4 cannot enter the price area of wave 1 = Low Risk with Big Potential. .382 fib might be the area for the candlesticks to trigger an entry short.
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Looks like something else is afoot already. Maybe an extended 5th wave or possibly an expanded flat. The basic count is still valid and this may actually make the pattern a better trade as it will lower the entry @ .382 fib closer to the 4th wave of lessor degree. An answer awaits price action ~~~~~~~
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glennmercer
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Planning to TP on my long position at the .382. This coincides with this week's pivot as well.
dojitrader
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Seems to fit well and entering now 10am GMT
really lowers the risk against X