Flat (regular, expanded, running) A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern. Expanded flat • structure is 3-3-5 • wave B moves beyond the start of wave A • wave C ends more substantially beyond the ending level of wave A • appears in wave two or four in...
If you notice that the form often appear, so summarize the rule of the form, let it create profit for us.
The last chart shows the location of the market in a long-short watershed, as expected after chose the short, and has a Leading-Diagonal in wave 1 of C EP @ 1.095 SL @ 1.080 TP @1.175 Reward/Risk>6.5 4H chart 1D chart
Wave C of target in 1.13 (0.382), And then in a bear market.
If the price level(1.120) was breached, I think the price range(1.111-1.109) need to be concerned, and in this area will form a bat pattern.
notes in the chart
If we are in wave C, The price(1.166-1.18) and time(2015-09-14) area is very important. So I put the possible MACD is drawn in the chart. If an option as shown in the chart, the point C is a good short point.
If the price can form a divergence between 0.618 and 1.618, this would be a bullish signal,As is shown in chart
Possibility 1:A-B-C Possibility 2: A-B-C-D-E
notes on chart
sell @ now SL @ 1.31680 TP @ 1.28030 Reward / Risk = 3.9 > 2