The elliot count looks like it's in the C of the ABC of the 4 wave and has one more 5th wave to on on the larger cycle.
It's stuck on a long term POC area right now and after this choppy correction it could end up going quite a bit higher to the fib extension.
No real trade yet once it looks like the 4 wave is completed with an obvious long bar to the downside...
Ideal scenario: Bearish Shark Completes in Overbought territory with div. in lower/higher time frame.
Goes on to Complete Bullish 5-0 (which may line up with 4H KS)
Bullish 5-0 Goes on to Bat/Butterfly PRZ
But how likely is that?!
But which one??
I am not sure yet. I will be watching the price action in these three areas to determine when I would like to enter. It is always tough for me to decide in these situations because the stop loss for one pattern is so close to the entry of the next so it is important to be patient to choose the best set-up based on confirmation of the PRZs.
Well its always a good ride entering into the EMFX side of the currency market. The area I have my eye on is the marked area of historical support at 0.06386 for signs of bullish evidence in order to buy the Peso with an overall target at the marked level of resistance.
Do note this is not a trade I'm looking to take yet as the opportunity / signal to enter has...