So what we have here is a small snapshot of what this pair is to do...for now. Given that this pair is in a correction at the moment, we are looking for corrective type wave action. That means an ABC 3-wave pattern that retraces the previous impulse wave down. What you see here on this 1HR chart is that following that decline down, there was a 5-wave wave up in what can be labeled a wave (A). Following the wave (A), there was a move back down in what many would've assumed was may be a trend continuation but it failed to break the lows established by the end of the previous impulse down. Those lows held. So instead of looking at that move back down as a trend continuation, I see it a the wave (B) of the overall corrective pattern. If my counts are correct, then now we are looking at a possible 5-wave wave (C) up to complete the correction. That being so, then we should have a wave 1 of (C) done and now possibly the wave 2 of (C) done. That being the case, then we are now looking at the start of the wave 3 of (C) and you know what that means, right?
Two POTENTIAL patterns are in play here. One is a Bat and the other a . Neither one is completed so they are only POTENTIAL patterns and this wave 3 up would be tracing the CD legs of both patterns up.
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