We reached the last wave of the channel, and had a move up to the top. Price rejected and came back down to a level of support not yet retested. That move to the top of the channel was wave 1. Now projecting a complete movement to the 23.6% where we meet confluence with trend lines. Thinking we might have a symmetrical triangle pattern form where that touch would be D of the ABCDE. Move back down will complete the E, and then we're looking to break out and reach for higher levels.
Comment:
Price pulled back deeper than expected, but it's making the rebound. We are still in a consolidation on the higher time frames, and there is a lot of volatility. Looking for a quick run up to the 23.6, which would break of this channel we're in, and then have a pull back to retest the channel. The distance seems large, but as long as we're still within the consolidation structure, we can expect high volatility.
Comment:
Still in it..
Comment:
We've got a potential symmetrical triangle pattern for a continuation to the upside.
Trade closed: stop reached:
breached my stop at 147.835. Will reevaluate for potential shorts
