Attempt at projecting the end of a possible breakout move (false or not will need to be confirmed on daily at least).
For study purposes.
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Reaction at the first level, retracement ongoing, limited so far and a little early to conclude anything. Maybe we can use this TF to confirm a possible breakout though, if we get a limited retracement here without going too far below the trendline we could get an entry for a possible further rally... Looking for an ABC zigzag, a flat or a triangle...
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Looking at the 15 min. it is possible that we did complete 5 waves in the last up move so wave 5 of the 4H count could be finished. Watching the reaction at the channel/S/R/trendline now...
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Level to watch: Also try to figure out whether the down move is a corrective or a motive wave... (3 or 5 waves...?)
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Possible corrective structure made my min. requirements, not to say it can't continue further down but I do see a possibility for a breakout trade above this possible corrective pattern!
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Breakout, SL below the pinbar
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pmcllc
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it looks like a 5 wave completion maybe abc to follow?
KVE
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That's what I was thinking but I needed some more info first, today we went into the preceding wave 4 area and had a 3-wave structure so we made the min. requirements imo..., I'll update the idea accordingly!