potential short sell on high time frame

FX:USOIL   CFDs on Crude Oil (WTI)
354 11 17
Watching Head and shoulder pattern at the end of a 5 wave count in a possible diagonal. entry on break of C 47.7.
Comment: Structure change, I have removed my pending order from market.
Comment: diagonal still valid, wave 5 is an extended wave which means price should correct another 6% to 45 which is the bottom of wave 2 in the extended wave. I will be looking for short entries on low time frame next week and may reactivate higher time frame trade.
Comment: New market order placed.... Selling 1 position on break of low.
Comment: trade active.
Comment: RISK OFF
Comment: Profit taken, trade closed.
Hi please check out my count
benchch benchch
tst benchch
Looks ok to me, but I must stress that im not experienced EW yet. Theory is to always try to find as many possible counts then eliminate as price develops. Good work thanks for sharing and all the best. :)
Hey. Your post 9 days ago: "Wave 5 is an extended wave which means price should correct another 6% to 45 which is the bottom of wave 2" Is there a rule for a 6% retracement somewhere or is it just because it coincides with the bottom of wave 2 in this instance? Also where did you read that rule? Thanks
+1 Reply
tst benchch
yeah there is a guideline rule that price retraces aggressively to the bottom of wave 2, at least that is what I have read, ill dig it up and post the quote when I find it again. currently studying from a few EW books.
+1 Reply
tst benchch
Book is "Visual guide to ellott wave trading, by Wayne Gorman and Jeffrey kennedy '' Quote page 232 " After a fifth-wave extension terminates, expect a swift and sharp reversal back to the second subwave of the extension."
+1 Reply
Thanks for the reply
+1 Reply
umm. I am long 47.65. my target is 55 and I have no TA to support that claim.
your charts are very clean. Thanks
tst robus
Thanks, Post your chart when you have time if you like. Im going to revaluate structure and update later.
according to brent and dxy .personal experience i d like to
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