My previous idea suggested that a the triangle was complete, but the impulsive price action has showed us that the market was doing a flat wave C.
We are close to completing wave C flat with a five wave advance, and should see another test of the 100.80 level for wave D before another and final upswing to complete the triangle and begin wave C to the downside.
I think it might attack the highs with a gartley formation + reversal candle
traderWgun
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well this is my view I think a leg lower is coming
angrybear168
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im not an EW expert but looks like another possible 5 wave up?
traderWgun
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To early too tell, but I still think a test of 101 si coming before a final leg higher to complete the triangle.
davidchalker
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Where do you have your corrective waves denoted before beginning a 5 wave upward move? I believe I will likely err on the side of Wgun's count, as price is certainly in a triangle pattern at this time.
I do know one thing for certain. By the middle of September, we will know which count was the correct one. :)
Good luck AngryBear.
angrybear168
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thanks im not ew trader so my count could be off but UJ looks bullish for the time being to 103 area
davidchalker
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okay, what is it in price that you are seeing that gives you that upward bias?
angrybear168
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check my chart top, candle reversal plus gartley formation, and a well bid half way back long
davidchalker
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Based on the preponderance of evidence in the 3 wave patterns, with no 5 wave ending, price still suggests it is in a correctional state and not looking at an advance at this time. I wish you luck in your direction. :)