So back to my chart and what it's telling me. From what I am seeing and from the wave count that I see, there seems to be a good setup coming for a nice drop! Not a bump. But in any case, for now, prices are still going up. This is something that I had predicted to happen anyway with this chart that I posted 2 MONTHS AGO
Here is that same chart updated with the current price moves and with the same wave count just for comparison. I didn't adjust the bat for comparison's sake:
So it has taken 2 MONTHS for this pair to start getting to where I thought it would get to eventually! That is called patience! In any case, we are getting there (the POTENTIAL Bat that is). Although I had to readjust this bat's C point to reflect the more recent price movements, it's still the same bat. So am I saying I knew this was coming 2 months ago? Of course not! Back then, I thought it was a possibility and had been planning for it just in case it did come true. By planning for it, I was able to take advantage and make pips while it did this. Although a lot of times, there was a lot of doubt.
The recent big up move is a 5-wave wave (C) that I predicted in that chart from 2 months ago where I had said that this wave 4 correction could be a "ABC 5-3-5 wave 4". And that is what I am seeing and what is happening. The wave count that I have for this wave (C) is showing that we should be seeing a wave (4) of (5) coming up before we finally see a wave (5) of (5) up to fill the bat. When that happens, if my wave count is correct, then we should see the beginning of a very large move down.
The only pattern that matters at this point is that POTENTIAL Bat that I called for 2 months ago. Prices look very, very likely to fill it. But after it fills it, what then? Will it drop? We'll need to wait and see.
MY TRADE PLAN
I'm looking for a wave 4 retrace very soon. When it does, I'll be looking for a SELL setup. But because I am expecting prices to head up in a wave (5), I will be watching the price action very tightly. For now, at the time of this post, I am neutral. Just waiting. In fact, if I miss this wave (4) down, I won't mind. I'll be looking for that wave (5) up.
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