That said, I believe that an impulse wave down is now in effect. I'm allready short since I sold into the move yesterday so this is a bit post-fact but I surely wanted to document this for my trading diary!
As long as we don't reach at least the 127.2 extension of the previous impulse down (possible AB of ) I will stay in and try to add shorts on breakouts of 'up' corrections. This 127.2 level is also my initial TP level.
If this move turns out to be in relation to the previous impulse down then we should eventually end up beyond my first TP level, likely somewhere between the 161.8 and 200% BC extension. My second target is in that area, more precisely where the exact pattern would end (price range on chart depicts that level), which is just below the of the previous big 'up' impulse, and close to the 161.8 ext. of the previous impulse wave down.
After this down move ends and we get a correction I will wait and see if we get one more impulse wave down to a possible below or if we get a reversal to the upside with completion of a possible as an extension higher up.
I sure wished I had done so, 300 pips down the drain, I hope we go back down now....
1st long target @ around 2.24
2nd long target around 2.265 if we get past 2.25...