Completing an ending diagonal wave (c), before resuming major uptrend on (5). Longer term view :
Completing an ending diagonal wave c of the complex (b) wave.
It's due in Time ( > 100% time of wave i), Price at 0.6182 and Pattern of a zigzag wave ii completed. Medium term selling on the impulse wave iii down, SL at invalidation if breaking upper channel line and final target at 1.6182 x i
Still in the middle of complex correction, range trading setup on an impulse c wave rally of (b). Longer term view:
Completing a 5th wave v (blue) of ending diagonal (c) towards 0.6182 x iii, before resuming uptrend on V.
Short setup for a 5th leg (v) of ending diagonal {v}, before a possible major reversal to the upside. SL at invalidation if it breaks upper channel line.
1st wave impulse i continuation breaking channel lines further confirming reversal to the upside.
Resuming uptrend on a 3rd wave (iii) of v ...........soon. Long with tight SL at invalidation under ii-iv channel line.
If an expanding ending diagonal from the 7th Aug low is considered for the {v}th wave up, present downside is limited by {ii}-{iv} channel line. And if wave iv (blue) of ED is complete, the direction is up on a corrective rally v. Thus, long on this pair with SL at invalidation under {ii}-{iv} channel line.
Just reading PA and wave count from 24 Aug low, a 3-3-5 corrective wave (b) that's likely terminating above top of wave a soon, before resuming downtrend on wave (c). Thus, setting up shorts from near 122.30 on impulse (c) down.
In EW terms, it's more like a wave (b) of zigzag (4), setting up for advance wave (c) towards (c) = (a). SL below 0.6182 x (a).
Selling on a 3rd wave down, SL at invalidation if it breaks upper channel line. A longer term view:
Now on wave (b) of ii. Wave ii will terminate near 0.6182 before resuming down trend. On the longer term - impulse wave down from 25th August high confirms completion of larger corrective (4) :
Downward impulse wave count looks complete, now watching if this rally breaks upper channel line and breaks out for long term.
Wave {3} impulse may well have reached it's ideal target of 1.6182 x {1}, now retracing on the corrective {4} - for range trading time.
Whether it's resuming downtrend on a vth wave or do so only after a final push up, the potential is on the downside.
A leading diagonal from the 1072.80 base setup for short term long, and potential long term rally.