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.
Year-to-date Profits: +5,794 pips.
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