If you agree then make sure you like his idea first (see linked idea)!
The in the original post if not valid anymore for me since we had a significant selloff at the 0.786 level.
I am a bit worried about a possible (not drawn here, I might post it later) which could be forming, in that case we will continue higher and possibly even overshoot the January high!
The pattern in the chart however is a perfect pattern as described by Scott Carney in his book trading (Vol. 1), i.e. a 61.8 retracement of AB forming the C point and D at a precise 1.618 projection of BC!
A 50% to should be expected now if this pattern works out. A perfect pattern could follow which would mean a retracement to 61.8 followed by another .
Because of this I will take 3 targets:
- TP1 at the (30%) >> partial profits booked, SL remains
- TP2 at the (50-60%) >> main target, most profits booked, SL to BE or TP1
- TP3 at the (10-20%) >> additional target at previous structure
SL above .
In case this setup fails I will short again if we reach the January high level.