Im strongly considering the possibility that correction for final primary wave 4 is not finished. The current price action in developing a 3-3 structure that was contained nicely by the corrective channel shown on chart. There are two perfect AB=CD patterns on H4 (see below) and D1 charts
We could expect a flat, triangle or complex combination from here. First target : 0.61 fib expansion of A leg Second target : 1.00 fib expansion of A leg
Best regards
Comments
FullTimeTrader
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Nice 1.61 fib expansion on H4 chart:
ElPatron.Y
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What if the shooting star gets invalidated? Are you still short then? I found this pair co-related to crude oil.
almanshow
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is it too late to enter now in short?
IvanLabrie
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This is my current take on UC as well.
Corrective structure intact.
FullTimeTrader
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You were right we had a gap down on EURUSD, a nice chance to enter or add long.
IvanLabrie
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Yessir.
I'm long already. And long gbpusd.
Potential is interesting.
Minimum is triangle D completion if my count is wrong.
If not this is the start of a strong impulse up.
AA15
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What position did u long GU?
IvanLabrie
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Market bought and placed a limit buy lower. Posted a setup.