What you see on the main chart are 2 patterns: a COMPLETED and a POTENTIAL . Now as of the time of this posting, they are both still valid. IF prices break below both patterns making them both invalid, then look for prices to head down to the . point (shown in black) and go no further! Why? Because according to my wave count, that point is the end of the wave (i) prior and this retrace is wave (iv) which cannot end inside of the wave (i).
OVERVIEW - Monthly Chart
DAILY CHART - Closeup on the ending wave 5 and Subwaves
SUMMARY AND CONCLUSION:
Pretty simple really. If my wave counts are correct, this pair is still due for one....more.....push to the upside before starting on a long journey back down in a corrective cycle that could last for months. But for now, it's a good opportunity to grab more pips by following the trend. Ending waves of a cycle are actually the easiest to trade because you know you are near the end. Not guessing. As a matter of fact, if my wave counts are correct, I already KNOW where it might end but know for sure what point it CAN'T go beyond.
I'm hopping on board this last train up. It's also easy to know if I am wrong. If prices drop below the .618 limit, then I will know my count is wrong. In which case, I will again re-assess the situation. But if I am right..........$$$$!
Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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This can only be confirmed if we don't make a new high. TBC