Here in this 4Hr view in the MAIN CHART above, what I am showing is a continued move lower. Prices are and have been moving within a pattern and appears to still want to move down within it despite it seemingly having completed the E leg of that triangle. A failure of prices to react and move up and through this in accordance with its' completion will signal a strong move lower. And that is what I am foreseeing to happen.
Going back to Nov. 3rd, 12 days ago when I posted this trade calling for a SELL off a wave (ii) expanding triangle completion where this trade bagged +287 pips on a fall which appears to have been the wave i of v of a wave ( iii ), this pair has been on the decline. Here's that post from 12 days ago. Compare it what I have posted today in the MAIN chart above:
The updated chart posted today builds on that wave count post from 12 days ago. What it seems like is that prices are now descending in a wave ( iii ) and right now, prices may just have finished the wave iv of that ( iii ). If that is the case, then the next move is the wave v of ( iii ) which would be a nice place to gain some nice pips following the trend.
There is a POTENTIAL who's completion may mark the the end of the wave ( iii ). Upon the completion of the and the wave ( iii ), we should see the wave 4 retrace commence but this should be a brief wave 4. It should complete at the standard TP1 of this and that is it before heading down again in a wave 5.
WEEKLY CHART - Showing The Correction
By my wave count, this correction is FAR from over. Right now, it is still working on the wave (B) of the correction.
DAILY CHART - POTENTIAL Bat Points The Way Down
Click on the chart below for more details.
There is still more downside to go before we see the wave (C) up which should be a VERY LARGE move up. I have been looking for this wave (C) for months now. And the light at the end of tunnel now appears near. But first, still must deal with the ending of this wave (B).
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