This was the I posted 10 days ago:
Here it is now with the updated price action:
See the difference? In that chart I posted 10 days ago, I was predicting that prices would go down. And it did. The difference was that I thought prices would head down and complete that POTENTIAL waiting below. What I did not account for was that the down trend heading to the completion of the would not be a straight shot. It would be a pattern. Which is what is playing out now.
Also. see how prices are "stepping" their way down? I've drawn out 3 TL's that are holding each retrace and forcing prices down as each TL gets retested. Also, note that the lows set back in April of this year have yet to be retested. Almost EVERYTIME there is a a MAJOR low/high set on any chart on any pair, that low/high point will almost assuredly get retested. This low has yet to be retested. And that is the BIG picture right now that is happening. Prices are headed back down to retest that low. When it does, prices will either need to break through that low and if so, will start a new MAJOR down trend. If prices retest and fails to break through (as I am expecting) we will see a MAJOR trend heading back up. In this case, I am seeing a wave (C) up from wherever the retest will end.
On the above, you see I have drawn in 2 POTENTIAL patterns. One is the aforementioned and the other a bat. The I am thinking will be filled soon but that will only mark an end to the wave (c) of the larger wave B of wave (B). The bat completes at the .886 retrace inside the G-Zone which is a strong reversal point.
Here is the 4HR view of what is happening according to my wave count:
On the MAIN chart above (1HR Chart), I zoom in on the current price action. You can see that prices have now ht a MAJOR SR Structrue that stems from the . So this SR level has some meaning. What I also am showing is that there is a COMPLETED here whose D point is right there at the MAJOR SR. And prices are also testing that TL line I have drawn on the . Keep in mind that TL's are VERY subjective and even though prices look like they have broken the TL, it's only MY TL it has broken. And also, breaking the TL with a false break seems to be a habit with this pair so far. So I am not making anything of it for now.
If prices do continue up, there is also a POTENTIAL waiting to be completed. Though I am doubting it will come into play.
I am looking SHORT on this pair till it completes the POTENTIAL below. Then I will be thinking LONG for a brief retrace back up as per my . Then looking for a STEEP drop down again to retest those April lows. For now, where prices are now looks like a good place to take another shot at a SHORT play.
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