Catch an aggressive short @ 92.29 to the bottom.
(I'm an hour late publishing this short)
THEN, if price action lands in the 91.00/90.50 area will
be looking for the to trigger a long entry.
Bending the rules needed for this pattern because waves
1 and 2 do not lend themselves to the subdivision of 3 waves
within each internally that an
requires. However, the formation
is very enticing so hopefully the will help to
refine the entry and stops in the area of ED overthrow
of the lower .
Reward is in the 4 or 5 dollar range, if this is an ED,
they usually retrace back to the starting point.
the 5 waves is because this is an extended 5th wave down to 87.40 or so
where wave 5 would equal wave 1 - a common measured move.
SO, tight stops may be the way to go - with one eye towards a re entry
depending on how far the trend line over throw drops below.
My count on this current move.
The reason I think that the flat idea is worth considering is that my preposted wave 2
is a sharp zig-zag correction and according to the rule of alternation, wave 4 should be a flat or a triangle.
Best of luck to you! :)
in the ED idea. If there is just one more new little low, I'd be glad
to catch a C wave just as much as an ED, however, as it has already tagged
the bottom trend line - that may have been the opportunity.
Maybe a 2nd of C wave entry ?
Thanks for the charts and thoughts !!!!!!!!
Pips to us Both ~~~~~~~
with the hourly hammer being wiped out in the next candle.
This projected 5th wave has not unfolded in 3 waves but in 5
where 5 = 1 @ 92.47 so that would be a possible entry with
a tight stop looking for at least a corrective bounce.
BUT, I think the ED idea has lost it's validity.
they are typing ~~~~~~~~ Entry was 90.47
Looking to take half off @ 91.91 and feel damn happy this was
a profitable trade while holding the balance
for a target @ 93.91.
All things considered I think there was more luck than skill on this trade.
Stops moved to 90.69
I think you have the correct wave count, however.
On the larger degree this looks like an ED with the
wedge shape, 5th wave overthrow and sharp reversal,
BUT, when you drill down the subdivisions are screaming
C wave zig zag of B in the expanded flat you shared.
I don't think I've ever seen such a coincidence before
so, I'm wondering how common/often this shows up together.