Here's why there MUST BE a new retracement leg down when either or both the or are completed. The MAXIMUM length of the wave (v) CANNOT exceed 1.13749 or else wave (v) will exceed the length of wave ( iii ) and that can't happen or else my wave count will be wrong! So assuming that my wave count has been correct this whole uptrend, then when prices reach the completion of either pattern, there will be a good opportunity to go SHORT on this pair. If EURUSD does follow my contracting and heads back down in a wave (D), then there will again be LOTS of pips to be made! Although, I would caution that SHORT positions MUST be taken with care because just reaching this point (C) of the contracting triangle DOES NOT insure that the is set. I had another scenario where the wave (C) just continues up and up for A LOT LONGER! That scenario is STILL a possibility! And when going SHORT at point (C), must keep that in mind!
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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