First, what you see in the MAIN chart above is what I believe will be happening next. The recent strong down trend was a wave 3 of the 5-wave wave C. So now that it apparently is done, we should be seeing a wave 4 retracement. Which is what has been happening as of the past few days. And what I see is that the wave (a) and the wave (b) of this wave 4 retrace are completed. So we are now going to see the wave (c) commence. And in corrective waves, the wave c is similar to a wave 3!
On the below, there is a COMPLETED and there is also a POTENTIAL seen in the MAIN 1HR Chart above. The completion of the could mark the completion of the wave 4. And also, that point would also be right around the TP1 of the . That would be a good place to start looking for wave 5 down to commence.
- Wave Count Showing Continued Downtrend
By my wave count, this decline is just the ending wave C of the larger wave (B) before we get a very large upswing. But first, this wave C decline must finish. And that is what has been happening here recently.
So now that you have got the bigger picture of what i am seeing, what is happening in the here and now?
4HR CHART - Focus In On The Wave C Decline
MY TRADE PLAN
I am LONG now from 1.09610 looking to hit this wave (c) retrace up. Stops go below where I have the ending of the previous wave 3. TP = the completion of the .
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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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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