Wave 2 retraced perfectly to the typical 61.8, nothing bullish about this chart in my opinion...breaking thru 1.5150-65 support as I speak, not much support till 1.50ish, W3 projection lines up with the 161.8 and 78.6 at 1.4850ish. A typical 38.2% retracement for W4 will bring us back to current support, future resistance 1.5165.
W4 shouldn't encroach in W1 territory so if count is correct, stops can be placed just above 1.5165 for a projected move to support at 1.47 which matches perfectly with the .886 and 161.8 and completion of the shark pattern!
I wouldn't be jumping into a short now based on this given the lack of any significant pull-back, it won't go down in a straight line, perhaps if 1.5130 breaks or there is a pull back to 1.5330-40. This would be ideal
I don't trade patterns and my EW is amateurish so let me know what u think!
W4 shouldn't encroach in W1 territory so if count is correct, stops can be placed just above 1.5165 for a projected move to support at 1.47 which matches perfectly with the .886 and 161.8 and completion of the shark pattern!
I wouldn't be jumping into a short now based on this given the lack of any significant pull-back, it won't go down in a straight line, perhaps if 1.5130 breaks or there is a pull back to 1.5330-40. This would be ideal
I don't trade patterns and my EW is amateurish so let me know what u think!