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.
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