Here's the weekly chart I posted last week about this trend change:
And the showing what I was expecting to happen at that time and what I am expecting to happen:
WHAT IS HAPPENING NOW
Right now, we should be in the wave ( iii ) of (v) of that wave A decline you see in the Weekly Chart above. Within the wave ( iii ), prices have just finished wave (3) and is now consolidating in a wave (iv). Wave (iv) should take prices back up to the TP1 and maybe TP2 of the completed . Then wave (v) should resume the downtrend to complete the POTENTIAL pattern and wave ( iii ) before reversing back up in a wave (iv).
MY TRADING PLAN
I am net LONG in my positions right now on this pair looking for the wave (iv) retrace up to the TP1 of the bat. At that point, I will close all LONGS and be net SHORT. I will watch the price action and be looking for another opportunity to add to my SHORT positions for further price declines in a wave (v).
Please keep in mind that I am not giving any trading signals or trade calls 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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On of the reasons that I am not thinking wave (iii) is over is because of the price action. What we just witnesses, the powerful move, is typical of wave 3 price actioin. Another reason is because if you try to count the subwaves of the recent move wave (iii), counting out 5 waves is not possible. Therefore, my suggestion that the wave (iii) is not over and still have the completion of wave (iv) and wave (v) to go. GL!