This move up that started in august can play out in two ways:
PREFERED COUNT :
Price finished wave (i) & (ii) and heading higher for a wave (iii) composed of a sub impulsive wave (orange) where price finished also wave i & ii, meaning we are going higher for wave iii of (iii) and price should not break this channel. *Trade Setup :
Entry : TL or MA break Stop : below green wave (ii) or just outside the channel Target 1 : 1260 Target 2 : 1298 (1.618% of wave i)
ALT COUNT : This move was a zigzag of wave (alt) 4, wich met the minimum requirements to be said complete, in wich case we started a motive wave lower for wave 5. Price should have no difficulties in this case to break outside the channel and head lower fast as a wave iii.
* Trade Setup :
Short Entry : on channel break Stop : above wave ii Target : 1121 (Fib Extension)
Trade active
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Price got rejected by ed TL and went up as expected. Entry @ 1202. Targets remain unchanged. Moving Stop to 1197.