But now, the picture is coming into sharp focus. There will be a breakout soon and when it happens, it will be explosive! But be careful! The top IS NEAR! Exactly where, still can't tell but it could be around the 1.34600 level where there is a .618 retrace of the overall major trend looming. Here's my 4Hr Chart that is showing the wave 5 wave count and also the breakdown of the choppy wave 4 action.
MY TRADE PLAN
I will BUY on a breakout of the smaller triangle and hold it up to the .618 retrace area @1.34600 or near there. Then I will get out and WAIT for some price action to signal a beginning of a decline.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Mastering Elliott Waves - Constance Brown
Predicting Markets - Charting Elliott Wave, Lucas, Fibonacci and Time for Profit - Jeff Greenblatt
Harmonic Elliott Wave - The Case For Modifying R.N. Elliott's Impulsive Wave Structure - Ian Copsey
That last one by Ian Copsey is a very interesting read on wave theory. He has a twist on using and counting waves that seems very interesting. I'm applying some of his methods in my own wave counts and the results are not bad. But again, unless you have a very good foundation, it's kinda of confusing.