I came up with three counts all lead to bearish potential
a red impulse followed by a triangle correction
a red impulse followed by a blue combination (w)-(x)-(y) where wave (y) is a triangle
a red impulse followed by an orange double zigzag (w)-(x)-(y) correction, where wave (x) is a triangle
a solid close below red wave (d) low at 0.73482 would...
I think we have something that will at least extend to the 110.00 level, but possibly a leading diagonal that may do a slight correction, so if you didn't take the other buy setups lower down, please refer to my next UJ post which is coming now. And please keep in mind this is some high time frame stuff.
My attempt to find the next trend.. We are certainly about to complete an expanded flat (3-3-5) Elliot correction wave. Not sure what could be next but this model syncs time cycles with the shape of a combination wave. If the shape follows through with either a type of triangle wave or a zig zag wave then we should have a better idea where we're going after that.
Now there are 3 ways this structure can develop and the result is same; long term buy setup.
But at the trading perspective, you have to have an appropriate strategy for all of them and you have to know your stop loss, target and when to enter...
