First, as you can see on the main chart, I have placed a pattern that is close to completion. BUT...remember, patterns have pretty volatile endings and very often exceed the D point and go deeeep into the PRZ.
Pretty much self-explanatory.
Again, easy to understand
Nothing earth-shaking here....Oh, waitaminiit....I'm saying here that this pair has ALREADY started on the next corrective wave? Really? Well, that's my wave count and I'm sticking to it! Yes, we're going down!
Ok, Here's where i get a little crazy. Let's zoom in on the current wave which I'm calling a wave 1 of the next corrective phase. Mind you. It's just wave 1 of probably wave A of the correction or however it's gonna unfold. Yes, it is a descending and yes, I know descending are mostly formations. And it still could be. I've labeled this as and extended it's target line. I've also labeled a reverse pattern here which happens to have confluence with the target line.
So maybe that wasn't as crazy as you were expecting it to be! But some may think I'm crazy for already calling for the next corrective phase to have just begun! Anyway, I'm watching right now and NOT taking any position. Seeing how prices will react upon the completion of the and if/when it hits the target. It may not get there directly but may take a wild and winding ride to get there. After it does hit either the and/or the targets, it may reverse back up and retest the highs again. If it does do that, then that reversal back up would be a wave 2 of the possible wave A correction.
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