This pattern has been in place since 2015, on a longer time frame.
Wave 2 is a 61.8% retracement of Wave 1
Wave 4 is currently retracing 50% of Wave 3
By virtue of elliot wave's principle that wave 4 (Correction) cannot overlap into wave 1, this pattern would be invalidated if price action crosses 125.8-126.1.
Wave 4 seems incomplete. Usually, Wave 2 and Wave 4 has inverse characteristics. From what I observe, Wave 2 did a simple ABC correction.
Thus, Wave 4 would be developing into some more of a complex nature. (Likely a triangle/wedge)
Trade Idea, Short at market : 125.2
SL : 126.2
TP : WIll Update again later.
Wave 2 is a 61.8% retracement of Wave 1
Wave 4 is currently retracing 50% of Wave 3
By virtue of elliot wave's principle that wave 4 (Correction) cannot overlap into wave 1, this pattern would be invalidated if price action crosses 125.8-126.1.
Wave 4 seems incomplete. Usually, Wave 2 and Wave 4 has inverse characteristics. From what I observe, Wave 2 did a simple ABC correction.
Thus, Wave 4 would be developing into some more of a complex nature. (Likely a triangle/wedge)
Trade Idea, Short at market : 125.2
SL : 126.2
TP : WIll Update again later.
Comment:
Half profit has been booked at 123.4 and SL set to entry