This up move might be the beginning of a much larger uptrend in a wave C of a possible ABC correction that may see prices heading up SIGNIFICANTLY. Or it may be in the wave C of a ABCDE contracting triangle.
A little bit messy but I think the message is clear: LONG!
CONCLUSION AND MY TRADE PLAN
My analysis is telling me that this pair has a ways to go to finish this corrective consolidation phase it's in so I am not expecting any significant new downtrend to start. Not right now. So in that case, I am only playing this pair to the LONG side. Yes, it may still head down as I'm not infallible and the market will do whatever it will do regardless of how many pattern, lines, wave counts or whatever I put on the chart. But the rewards if I am correct are well worth it. If prices head down from the that is currently in play, I expect only a small retrace and then head up from there without retesting the bottom of the contracting triangle. However, if it heads down and through the , then all bets are off and I'll need to re-evaluate what is happening.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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