If I my memory serves me well, I posted about 4 months ago that this pair was due for a nice LARGE move up in a corrective pattern. we could be on the precipice of that move up. But first, we have to get through another move down before we get to that juicy wave (3) up!
After that stunningly explosive move up in what I have labeled the wave (1) of the coming 5-wave wave (c), we are now in a wave (2) retrace of that wave (1). This wave (2) is at the moment unpredictable in where it will end. There is a MAJOR SR Structure just below but it is more than likely going to go lower into the G-Zone levels between .618 - .886 before reversing and heading up in the wave (3) of the wave (c) that I've been waiting on for MONTHS now!
Several patterns have been and are in play now. Before that explosive move up, 2 patterns signaled for that move. A COMPLETED led to that big move up and then that filled and completed a . Prices proceeded higher into the cypher's PRZ and have now begun to drop back down. It should soon reach the TP1 of that . There is a completed pattern that is signalling the move down as well. There is now also a POTENTIAL Bat that is in play. Completion of that Bat should signal the end of the wave (2) and start the wave (3) up.
Click on each chart below for more analysis
MY TRADE PLAN
I'm already in a SHORT trade on this pair for that wave (2) down. I'll be looking to get out of that SHORT position before the Bat gets filled as there is no guarantee that it will get filled before the wave (2) ends and the wave (3) begins. And I am waiting with anticipation for it!
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None the less, price action at the support level should give us a clear count.
I totally agree that we have to wait for the market to reveal where it wants to take the price. Thanks for the tips.