We can see an HS pattern forming, sign of a trend reversal.
- Flat ABC (light blue) correction finished near 0.61 fib
- Waves 1-2 (red) already completed. This could be the start of wave 3!!
There area multiple reasons to buy near 2600:
- 0.61 Fib Retracement
- AB=CD pattern
- Elliot Wave zigzag ABC finished
- Internal subwave C almost finished
Best target is 1.61 fib projection, near 5426
After a series of failed trades im ready to enter this trade.
A nice expanded flat is near completion.
Price is finishing wave 2 (red) then wave 3(red) should follow.
Target for wave 3 (red) is ideally 1.3970, more than 500 pips!
I like to trade this pattern at market tops.
(Please do not trade correlated pairs, i posted another AUDJPY trade)
Price is respecting this reciprocral AB=CD pattern. Still not late to catch this move.
- structure resistance
- reciprocal AB=CD
- 0.61 fib retracement
- parallel channel
- morning star candle pattern