"One thing that happens almost ALL the time is that whenever you get an "end" to any major trend (which I don't think we have gotten to the "end" yet), you will almost CERTAINLY see that high/low point get retested. Well, whether my wave count is correct or not, the recent highs need to be retested. And that what this wave (B) will be doing: retesting the highs."
Here's that post from Oct. 7th. Even though this trade did not work out as planned, what I wrote in it still applied and has worked out as I said it would:
So now that prices have and are retesting those highs just as said it would, what do I expect now? Well, also in that post, I also said that, "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! ".
That's just about where we are about now. Prices are well within the G-Zone reversal area and are at the .786 level (at the time of this posting). But I am expecting that it should still move up ever more slightly to the .886 level or above before looking to fall. If it does, then there is a POSSIBLE that would setup it's C point at that level. IF prices do stop and stall here and do not go up to challenge the very top and create a , then we could be looking at a pattern setting up as well (seen on the ).
The wave count that I posted a month ago seems to be the correct one so far. As it is, should this wave count hold, then we are looking at a SIGNIFICANT move down in a wave (c).
On this , there are 2 POTENTIAL patterns that are pointing the way down for the wave (c) provided that the C point holds. The pattern is becoming apparent as well.
MY TRADE PLAN
I will be looking for some kind of confirmation PA to show me that this pair is not going to go any higher before I decide to take the SHORT trade. At the time, I don't see it yet and don't forget that just because my analysis shows a coming decline, it DOES NOT mean it MUST! It can indeed continue higher as the market will do whatever it wants to do and not what I want it to do.
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