Shorted at market at 1.0880, as per the setup on the chart.
12345 or WXY..., is this a start of a new downtrend or a retracement of the last impulse move up?
First target down above the target zone for a smaller AB=CD pattern.
Second target at possible double zigzag + larger harmonic AB=CD (i.e. 0W=XY) completion.
Third target at the longterm "up" trendline, possible C leg of a potential but very premature large bat as seen in the weekly/monthly charts.
Other larger timeframe harmonics suggest the possibility of further downside (see linked idea).
12345 or WXY..., is this a start of a new downtrend or a retracement of the last impulse move up?
First target down above the target zone for a smaller AB=CD pattern.
Second target at possible double zigzag + larger harmonic AB=CD (i.e. 0W=XY) completion.
Third target at the longterm "up" trendline, possible C leg of a potential but very premature large bat as seen in the weekly/monthly charts.
Other larger timeframe harmonics suggest the possibility of further downside (see linked idea).
Trade closed manually:
Looking at other scenario's first..., possible H&S pattern coming up?
12345 is now invalid since we now have overlap with wave 1, allthough it is said that in highly leveraged markets it is possible to have a small overlap...
Anyway, shorted again at 1.0928, doubled the position size but more than halved my SL (equal risk), now very tight SL just above the high of today.
Last try to short based on this setup, back to the drawing board if this fails.