4HR Chart Above - First, A Retest Of The Lows To Set The Stage For That MASSIVE Move Up
So in this 4Hr chart, I am seeing that prices need to come back down from the recent rise and retest the lows here before making the move up.
This pair was recently in a long downtrend that ended in what I labeled as a wave (b). So if that was the end of wave (b), then we have already seen the start of wave (c) up. Which I am expecting will be 5-waves up. The wave 1 of 5 of (c) looks to be completed and we should be seeing the wave 2 now. Within that wave 2, I am seeing that wave a and now wave b seems to be complete. So if correct, we should be seeing the wave c down starting now.
There are 2 patterns here BUT neither one of them are confirmed. On is the POSSIBLE Bat (blue) that is defining the move back down and the other is a POSSIBLE Bat that shows the way up AFTER prices have retraced back down. If prices do not retrace back down, then neither of these patterns will be of any use.
Click on each chart below to get more analysis:
LONG TERM CHARTS
DAILY CHART - Prices Are Within The PRZ
WEEKLY CHART - Two Possible Counts. Same Conclusion.
WHAT TO EXPECT
We should be seeing prices decline back down and even if it does not complete the , it should come close and retest the lows between the .618 - . levels of wave 1.
MY TRADE PLAN
I'm already SHORT on this pair to try to capture pips on the way down in that wave c of 2. If it goes where I think is might, that should yield some nice pips.
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