Within this wave 4, what you are seeing in the main chart is a POTENTIAL that I am speculating may mark the end of the wave 4 retracement. By my wave count, prices cannot exceed 1.25831 or else it will have entered into the price territory of wave 1. Which of course isn't allowed or else the count will be invalidated. Notice that the PRZ of the also ends right near that point and also right around a MAJOR SR Structure. This MAJOR SR Structure is also the of wave 3.
Within this wave 4, the a leg is possibly forming a expanding that as of this posting, is just about finished which should mark the end of the a wave of the abc correction and we should see a b wave back up into the upper of this triangle before the wave c makes it's way down to complete the and end wave 4.
MY TRADING PLAN
Unfortunately, I missed the beginning of this wave 4 on an entry via a I had posted about earlier (see Related Ideas: "USDCAD: Pick-A-Bat; 2 POTENTIAL Bats At Structure"). The entry was missed by only a few pips. Oh, well. Sometimes that happens. If I had got it, it would've been a great trade. So now I am looking for another entry to catch some pips on this wave 4 down. Likely, I will look for signs of the wave b of the abc correction to end and try to catch wave c down. Then of course, the big prize will be to catch the beginning of the wave 5 up.
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. 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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