In that post, here is what I had to say:
"On this , what I am seeing is that there should be a nice drop coming soon. Why do I say this? My wave count, if correct, is showing that the next move should be a wave 3 of 3 coming. Seeing that this pair has been swinging in large waves lately, the next swing if keeping with this pattern of swinging, should see a large wave down. Combine that with it possibly being a wave 3 of 3 down, and you can see why I am saying that there could be a nice sharp drop forthcoming! "
Well, 3 months later, here we are. That LARGE DROP occurred just as I had predicted. Sure, there was much drama along the way and even I wavered and waffled on this drop a few times but overall, I kept to this move. But a surprising thing was that it actually fell A LOT more than i thought it would! But, such is the nature of wave 3 of 3's! Very strong moves! And that is what we got!
So now that we got that, let's see if this wave ( iii ) is yet done or are we to expect even more dropping to come?
Looking closely at this move down which I've labeled as a wave ( iii ) of ( III ), breaking down the subwaves reveals that we could be coming in to the end of the wave ( iii ) of ( III ) and looking at the start of a wave (iv) of ( III ) retracement occurring at a MAJOR SR Structure zone. There may still be a small push down once more to compete the wave (5) of v of ( iii ) before we see the retracement begin.
As mentioned in the , there was a COMPLETED in which prices are now in its' PRZ. There is also a solid trading channel that this wave v of ( iii ) has been declining in.
Click on each chart below for more analysis:
MONTHLY CHART - Right Shoulder Of Pattern Almost Complete...But Not Yet!
WEEKLY CHART - Still Looking At More Downside
- 5-Wave Move Down Still Not Complete
WHAT TO LOOK FOR
It's difficult at best to predict the ending of any impulse wave. Let alone a strong one like this one1 But end it must. And where it is now is as good a place as any. But what I want to see is for prices to break out of that solid trading channel before looking to take a trade. I would also look for prices to drop just a little bit more below the current lows and create a small spike below the support structure without a solid 2 bar close below it to possibly signal that a low may be in.
MY TRADE PLAN
I will be looking to be a BUYER if I see that spike below the support and a move back up immediately. And then see prices break the trading channel.
List of my ACTIVE Trades: http://bit.ly/2JkoaR3active
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.