After I posted that trade, prices did EXACTLY as I expected and dropped. And today, 7 days later, I'm picking up +140 pips. Dropping from the top TL of this ascending contracting , I am still projecting that prices will descend more in to the lower TL of this triangle. If prices get there and that lower TL holds and prices rebound back up from there, then that is further confirmation that this triangle is valid and upon the completion of this triangle, we will see a resumption of the overall uptrend.
But first, let's deal with the current price action. This that I predicted 7 days ago has now completed. With this completion, the falling prices have been temporarily arrested. At this point, I am labeling this move down as a completed wave 5-wave wave (a) of a 3-wave of what could turn out to be the leg C of this triangle. If this is correct, then we should see a small 3-wave correction of this wave (a) back up in a wave (b). I am seeing this wave (b) as short and should just go up to retest that broken lower TL of the former trading channel that prices were in (blue line). After that, it should resume a down trend in a 5-wave wave (c).
MY TRADE PLAN
I've already closed 50% of the trade and pocketed +140*2 pips for +280 pips total on this 50%. This is of course using my trading method. I am leaving the other 50% to run to see if I can catch the wave (c) down after this small retrace is done. Stops are move to B/E.
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