In a trade based on that assumption, I lost -50 pips (-200 in ACTUAL), as prices did in fact drop off after my post but just as quickly turned and reversed way back up to where it is now.. If you want to see, this was my trade post:
But more importantly, where are we now? Let's see....
To get right to the point, I believe we are already in a wave (3) on the way up! But prices are declining right now, you say! Yes, they are. They are declining in a wave 2 of (3) is what I think. So after this wave 2 is done....wave 3 of (3) is what we should see! I see this wave 2 as declining in a descending contracting triangle which when done, will see a strong push up.
The most relevant pattern here is that descending contracting that looks to be just about finished (as of this posting). But the projection calls for a POTENTIAL (blue) that could be marking the path of the wave 3 of (3) that should be coming.
Here is the overview:
MY TRADE PLAN
I'm actually already in a LONG trade on this pair. You can pick it out on the if you want. If the count is correct, then the next move is up and should be explosive!