Or if yellow labels are right it could head back down at "E" for more pips and even more if it breaks below to the bottom of the next structure line..
If I may . . .
Triangles in Elliott Wave always start with the first "counter trend wave" so,
your gold count would be the valid labeling.
However, I would suggest that this is more of an A-B-C
reasonable contained within parallel, albeit a bit sloppy.
The biggest reason for not using an expanding triangle is that they
are really very rare. The giveaway for me is that
the waves do not subdivide clearly into 3's the hallmark of a valid triangle in EW
and the 5 wave subdivision of the current down wave.
If it does head back up to your gold E I'll be very confused.
As it is I'm not to clear about this pattern so, it will take more price action
for me to enter a trade.
thanks for the chart and wishing you lots of pips in your pocket for 2016 !!!!!!!!!
Yes, I forgot about counting the subdivisions, they help to identify the correct pattern.. will have to start memorising them :-)
Regarding where to start the count: I am probably still a little confused as I was not counting the initial retracement as a trend, hence the blue count..
But i am not in any trade here yet, as you say we will have to wait and see what the market does... it could just continue down from where it is now...
Interesting to see that price is back up near the top channel line again.
There does seem to be a trade however, and
at the very least this is extremely low risk as any price action
above the invalidation line negates this analysis.
The Bat Pattern has been activated but, I'm looking for one more
little high about 1.0110/15 to complete a 5 wave C, so , it's
possible I might miss this trade altogether.
Wave 2 in Elliott Wave is allowed to retrace 100% of wave 1
but, you don't actually see it done very often.
Thanks for the chart idea !!!!!!!!!!!!!!