"Luck = hard work and preparation". Good things DON'T come to those who just wait. They come to those that work hard and are prepared to take advantage of good opportunities when they present themselves.
So here are the 2 scenarios:
In this scenario you see on the MAIN chart above, that recent downtrend is not over and it has only completed the wave iii of the 5-wave wave (A). The recent pullback is just the wave a of the wave iv which when finished will have retested that upper TL (extended) of the former . Also a minor structure are and just below the wave i of this 5-wave wave (A). When wave iv is done, we'll see a wave v down to a MAJOR SR Structure zone where wave (A) will complete and then we will see a wave (B) commence to go up to retest the highs.
In this scenario, I have that large recent down trend as a completed 5-wave move marked as the completion of wave (A) of a large wave 4 that is in its' early stages of development. Because its' labeled as a completed wave (A), then the next move must be a wave (B) up. IF wave 4 unfolds as a ABC (5-3-5) (and that's a BIG IF right now), then we will see a 3-wave wave (B) to retest the highs. This 3-wave wave (B) would itself unfold as a ABC (5-3-5) pattern.
Although I've laid out these 2 possible scenarios, as I mentioned, it's just way too early to say which one is correct or if neither is correct. There are many other ways this wave 4 correction can unfold such as a as well for example. Or maybe this isn't a wave 4 at all! Only time will reveal the true story. We can only guess. I'm just posting this to give some kind of expectation as to where prices could go next.
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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