What I am seeing is that prices are retracing and possibly setting up a a ".786" trade. A '.786" trade is where prices first hit a "wall" or level that causes it to retreat or bounce from that level and drop/rise. In this case, drop. Then after it has dropped, it suddenly will reverse and start to retrace that drop. It should retrace to the .786 retrace of that move and then drop again. If you recognize this pattern, getting in at the .786 retrace level on a SELL (in this case) would be a relatively low-risk trade and also a trade going with PA.
However, I am ALREADY in this trade from a different level and for a different reason. The reason for my trade HAS NOT been invalidated so there is no reason to exit that trade. In fact, If I see this ".786" trade setup, I may be looking to SELL again and add to my SHORTS as I am still expecting this pair to make a nice move to the downside.
This retrace is possibly a wave (2) which is retracing the previous drop which should be a wave (1).
The "expanding traingle" pattern I had mentioned before looks less likely to be a possibility now with this recent move but I will leave it there as it is not out of the question just yet. There is also a POSSIBLE setting up on this retrace with the C point waiting to be set. This is in addition to the other patterns that I had talked about in my TRADE ANALYSIS on this pair.
Here is that TRADE ANALYSIS if you need to refer to it:
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