Correctives structures in EW,
These are kind of hard to predict
And are formed for 11th swings
AT some point i thought that an ending diagonal could take place (previous daily chart) due to the 3 waves back, and then the 7 swings. Anyways, im buying the 11th swing
Im taking the long either to 1.33 or higher
-We knew in the service that cable did 5 swings
to downside (and not 5 waves)
-Trend in 4h and 1h turned lower.
-So, we expected another 5 swings to complete
the EW structure. (ZigZag)
-The pair is bouncing at the equal legs
from the cycle 1.6347 to 1.5652
-You can check the previous chart here
There is a possibility that an ending diagonal is taking place in this daily structure.
Where wave 4 is underway.
if it does, i will start creating long positions around 1.3255 looking for 300-400 pips profit
- Gold remains within the downtrend channel,
- We dont have any reason to believe is a buy,
The 4h y 1h trend are down,
- My prefered path is the pair reaches the channel
and short it from there. (blue)
- 2nd option, it does a small pullback and from there
the downtrend resumes