Happy Saturday guys, i recently been watching GN & tracking its moves, all my MMM traders know that the market moves in levels of 3, here on GN we see 3 levels of rise so now we expect 3 levels of correction (downtrend). i marked up the levels on the 4 hr time frame and found MM movements W, V, V, M so now Im now expecting A, A, W. so in short we are looking for a stop hunt high or a pull back to the upside to then enter on the pullback for a smooth ride down. so on the 1 hr time frame im looking for it to drop into my blue box then head up & react to my white trend line & drop maybe. we will then take this trade down at least 3 levels of drop each drop surpassing the previous zone. let me know what you guys think! have an amazing weekend!
IMHO, there are only 2 levels of rises so far, not counting the 1st one since this is not a "level of rise", it is a reversal process (formation, pattern..) to reverse the price movement from down to up. I think there may be one more level of rise (according to your theory) and if this level of rise fails to make new high, then the right shoulder is formed and price "should" moves down from there, good luck any way and thanks for posting.