what do you think of the possibility of it going back up for another wave before breaking down? im in short right now but might switch if its going to go back up before the breakout. wanted to see what you guys thought before i bought
actually now that i look at your chart again it looks like that bottom channel line you drew is acting as resistance. im not sure. im just going to hold onto my short position because its going to break down eventually.
i'm short with you guys after this wave but i've got some good pips from this wave up. i think it will follow through as my chart shows. just giving you guys some perspective. feel free to disagree, just be careful.
Nice finding. The most obvious wave pattern to form though, would be a fifth wave E upwards in your descending triangle after the D wave. The a breakout downwards should occur (based on established theory). It would as well be smart to look at the pattern of one larger degree to see which wave the triangle is forming in, as they should only occur in positions prior to the final wave.