So this pair is now in the midst of it's correction which I have labeled a wave 4. It seems to have completed it's wave (A) and its' wave (B). It could be working on its' wave (C) right now. And it may have finished the wave (a) and wave (b) of that larger wave (C). If that is correct, then we are looking at a wave (c) down in motion.
There are 2 POTENTIAL patterns that are present that are relevant to the price action and my wave count. One is a and the other is a bat. Both are pointing prices down. The would complete at or near an extended TL formed by to wave peaks previously. This is a minor TL so it may not prove useful but it is there. The bat would complete near the recent lows where I have the wave (A) having ended. This would be a retest of those lows BUT if prices do complete this bat AND reverses from there, then we COULD be seeing the formation of a wave 4 triangle which when complete, will see prices rise again probably up and past the highs.
MY TRADE PLAN
I am SHORTING this pair now for a trip down a possible wave (c). I'll place my stops above the end of wave (b) of this wave (C) so that if prices were to reach back up past that point, then there's a chance that we may see higher prices ahead. My TP's are shown on the chart.
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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