What you are seeing above is my view of what just happened with the recent price moves. These recent price moves seems to suggest that there is a possible very large FALL that is coming. But not so fast. There is still another move back up needed to set it all up.
Prices are currently in a wave (iv) retrace back up from that recent fall down. That fall down is a typical wave 3 action. In this case, a wave ( iii ). The wave (iv) should go back up into the MAJOR SR Structure just above. Then a wave (v) down to finish off the wave 1.
A COMPLETED Bat (neon green) triggered that fall and played out PERFECTLY. Now prices are nearing to complete a POTENTIAL Bat. Its' completion should mark the end of the wave 1 down and wave 2 up should commence.
MY TRADE PLAN
I will wait until that POTENTIAL Bat completes and then watch price action to see if there is a good BUY opportunity. If not, then the REAL ACTION will come AFTER the wave 2 has completed. Then I will be ALL OVER the next move down! A wave 3!
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other scenario... I am bullish on ucad even from these figures... there are two things.. flash long downside candles.. but ucad kept 1.322 and rose again with bullish doji candle on daily time frame.. and it is bullish signal for trading double top pattern as well.. I see little retracement and ucad towards 1.345.. but if ucad falls from neckline 1.3296.. and takes out 1.322 then i see ucad upside finished and road towards 1.28... but if ucad keeps 1.322 and daily doji candle low.. then i see new high in ucad.. and oil towards 37.7.. not a pro.. but i trade alot double top patterns..