Therefore, I anticipate that this wave (B) should my wave count be correct should at the very least get into the .618 of the G-Zone if not higher than that. I have marked a MAJOR SR Structure level on the chart and that structure rests at the .786 retrace which is a VERY common retest level. I'm thinking that may be a good a place as any for the wave (B) to finish up. Therefore, I am placing a TP3 at that point. But of course, with each TP this trade hits, I will be evaluating the PA to see how much if any profits I'll be taking off this trade and putting in my pocket.
When that wave (B) finishes, I'll be VERY INTERESTED in going SHORT for that wave (C) down which I think will be pretty DEEP! Given that my wave counts are correct of course!
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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But anyway, Elliott has a guideline called "alternation" where he states the if wave 2 is a sharp correction then wave 4 will be a sideways correction and vice-versa. Its a guideline and not a rule as this is NOT always the case. But in general, it does happen. Since in my wave count for the degree that applies to this wave 4, the wave 2 is not so easy to say it was sharp or sideways, it is also not easy and straightforward to say that this wave 4 will be sharp or sideways. A case can made for both. But that is the nature of Elliott wave counting, it is very subjective and left to a lot of individual interpretations. This is why although I do use wave counting (note: I did not say ELLIOTT wave counting) a a primary tool in my analysis, by no means do I rely solely on it to determine my trades. GL!